Cyber consortium launches

Cybersecurity firm Hitrust Services Corp. said Thursday it has launched a cyber insurance consortium in collaboration with Lloyd’s of London.

The shared risk facility will offer lower insurance costs to organizations which have adopted Hitrust’s security recommendations, the Frisco, Texas-based company said.

The facility will add capacity as additional insurers join, according to the statement.

The facility, which Hitrust said is backed by insurers with at least an AA-rating from Moody’s, includes a starting credit of 25% on premiums.

Hitrust said it has developed a secure API that allows insurers to access detailed information about an organization’s Hitrust security certification.