The partnership makes LOKKER’s privacy risk data available to Bitsight’s cyber insurance customers for both privacy risk analysis and suggested steps for remediation.
LOKKER, provider of online data privacy and compliance solutions for enterprises, and Bitsight, the global leader in cyber risk management, announced a partnership to deliver privacy risks to cyber insurers. Through this partnership, LOKKER’s privacy risk data will be available in Bitsight’s cyber insurance platform, equipping underwriters with actionable insights to make informed policy decisions, as well as suggested remediation to help insured companies mitigate the identified privacy risks.
Cyber insurance claims from privacy breaches and fines are escalating and on pace to become a significant area of loss,on par with threats like ransomware attacks. As cyber insurers are responding to mounting losses, they are seeking insights for both privacy and cybersecurity risks. This partnership between LOKKER and Bitsight fills this critical gap in the market.
The partnership introduces LOKKER’s Privacy Risk Assessment Report for insurers on the Bitsight cyber insurance platform. The report provides comprehensive visibility into insured companies’ privacy risks according to seven risk categories. The risk analysis is based on hundreds of thousands of comparison scans to identify the risk of privacy breaches, lawsuits, regulatory fines, and other forms of unauthorized data sharing about which the insured companies may be unaware. In addition to providing better intelligence to underwriters, the reports can also be shared with key stakeholders, including brokers and insured companies, who can use the report’s actionable advice and prescriptive mitigation strategies to help clients reduce privacy risks.
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“The cybersecurity landscape is evolving, with privacy becoming a more central focus,” said Chris Klinchik, Group Product Manager, Bitsight. “This shift reflects broader changes across the security industry, emphasizing the prevention of breaches and the protection of sensitive data—whether from legal sales to data brokers or illicit sharing on the dark web. Our customers were seeking a solution that could help them preserve their customers’ data privacy, and our partnership with LOKKER will empower them to understand and proactively address risks so that they can more accurately manage their loss ratios related to privacy.”
“Cyber privacy is increasingly one of the biggest data protection and compliance issues for companies,” said Ian Cohen, CEO of LOKKER. “Almost all websites now necessarily rely on third-party software and functionality served from the edge. With that, the number of third parties that can access consumer data grows exponentially, and that requires different tools to analyze, monitor and control. In addition to the technological complexity of managing this data collection and sharing, we now have a patchwork of 19 different state laws to navigate. LOKKER nets this out into specific quantifiable risks and essential remediation steps.”
The integration of LOKKER’s Privacy Risk Assessment Reports is the first of several planned integrations within Bitsight’s suite of solutions.
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