Corax to help BCS cyber insurance customers mitigate risk
Oakbrook Terrace, Ill./London – Oct. 2, 2019 – #NationalCybersecurityAwarenessMonth – BCS Financial (BCS) and Corax are to partner on an innovative cyber liability product that will help small businesses understand and mitigate their cyber risk, whilst insuring themselves against the financial impact of a cyber attack.
Small businesses that purchase BCS cyber liability insurance coverage will gain access to a bespoke Corax risk report which will highlight any areas of weakness in their cyber hygiene and technology resilience, as well as an accurate view of potential cyber loss costs.
“At BCS, we are committed to helping our policyholders understand their cyber risks and protect their business,” says Chad Chaffin, vice president, Property & Casualty Underwriting. “We are thrilled to incorporate Corax’s state-of-the-art risk reports as part of a suite of value-added tools policyholder can access alongside our insurance offering.”
“Small businesses need more than an insurance payout if they become victim to a cyber attack,” said Jonathan Pope, Corax CEO. “They also need help pre- and post-breach. Corax is working with BCS to give small businesses the information they need to understand the true financial cost of their cyber risk, and how to mitigate it.”
BCS cyber liability insurance products are underwritten by BCS Insurance Company, OH (Administrative offices: Oakbrook Terrace, Illinois). BCS is the sixth largest writer of admitted cyber products in the U.S. per A.M. Best. Products are available via insurance brokers in 49 states and the District of Columbia. Corax is the leading and largest source of cyber exposure data and predicted loss costs of breach and network outage events.
Corax is a cyber risk modelling and prediction platform which leverages its proprietary data on the security and technology resilience of more than 10 million interconnected companies to provide faster and more accurate benchmarking, predictions and expected loss costs of cyber events to individual and groups of companies worldwide. By using predictive cyber models that are validated by the insurance industry and driven by the most extensive data available, Corax is a leading provider of financial and probabilistic quantification of cyber risk at micro and macro economic levels and in identifying potential ‘points of failure’ in services, service providers and service locations across portfolios and across the internet.
Corax is used by (re)insurance carriers to accurately underwrite and manage cyber risk exposure, and by insurance brokers and agents to provide clients with precise cyber risk assessment and cover recommendations. Corax also unlocks value in cyber for insurers, brokers and information security consultancies seeking targeted B2B lead generation. Corax supports a wide range of other business challenges requiring cyber insights, such as cyber risk management, compliance and third party assessment, investment due diligence and corporate credit rating.
Founded in 2014 in London and San Francisco to be at the heart of insurance and technology, Corax has grown to over 200 users worldwide since being commercially available to the insurance industry in late 2017. To find out more about the Corax platform please visit coraxcyber.com.
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ABOUT BCS FINANCIAL
BCS Financial Corporation has more than 70 years of experience delivering a wide-range of insurance and financial solutions for Blue Cross and Blue Shield organizations nationwide. Through its subsidiaries, BCS Insurance Company and 4 Ever Life Insurance Company, BCS is licensed in all 50 states and is rated A- (Excellent) by A.M. Best. BCS Financial is headquartered in Oakbrook Terrace, Ill. Learn more at bcsf.com.
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