BALTIMORE and CLEVELAND – Unison Risk Advisors (RCM&D and Oswald), a leading independent risk management, insurance and employee benefits firm, and BitSight, the industry-standard in cybersecurity ratings, have announced a new partnership to help businesses of all sizes address cyber threats.
Cybercrime rates reached new highs in 2021 as data breach rates rose 68%, according to the Identity Theft Resource Center (ITRC)’s annual report. Small and medium-sized businesses accounted for over 50% of the known cyber incidents surveyed in the 2021 Data Breach Investigations Report from Verizon.
“While cyber threats have historically been an issue for larger businesses, they have been slowly trending towards small and medium-sized businesses for some time now,” said Scott Martin, RCM&D Cyber Practice Leader. “We are thrilled to bring this industry-standard tool downstream to help small and medium-sized businesses continue to fight this growing threat.”
The cyber insurance landscape is currently experiencing a historic hardening cycle. According to The Council of Insurance Agents and Brokers (CIAB) Commercial Property/Casualty Index for Q3 2021, cyber insurance lines experienced the highest premium increase of all lines surveyed with a 27.6% rise in pricing. Ninety-three percent of the firms surveyed in the report also noted increased demand for cyber insurance coverage.
“While BitSight data has become a critical part of cyber insurance underwriting, it is just as valuable during the risk advisory process. This partnership enables RCM&D and Oswald to bring BitSight’s data and insights to their clients to help them understand and mitigate cyber risk,” said Stephanie Snyder Frenier, Vice President and General Manager, Insurance at BitSight.
“Addressing cyber threats and obtaining adequate cyber insurance is the best defense for businesses of all sizes, and it starts with advance planning and preparation. The information obtained from BitSight’s cutting edge data-scanning technology provides an outside-in view of an organization’s security posture and a data-backed view of cyber performance,” said Lacy Rex, Oswald Cyber Practice Leader. “As threats evolve, so too must the tools we use to mitigate them. Our new partnership with BitSight allows us to help businesses adapt to the continually shifting cyber landscape.”
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About Oswald Companies:
Founded in 1893, Cleveland-based and employee-owned, Oswald is one of the nation’s largest independent insurance brokerage firms. As a proud Partner of Assurex Global, the world’s largest association of privately held insurance brokers, our risk management professionals service and support the needs of our clients worldwide. Learn more at www.OswaldCompanies.com.
RCM&D, headquartered in Towson, MD, is ranked among the top independent insurance advisory firms in the United States. Our specialized teams provide strategic solutions and consulting for risk management, insurance and employee benefits. Leveraging more than 130 years of experience and strong local, national and global reach, we partner with organizations to meet all of their business objectives. Learn more at www.rcmd.com.