Cyber risk quantifier Cytegic has launched its own insurance unit in a move it says will help support the industry in better understanding and mitigating cyber risk.
Heading the unit will be cyber risk and insurtech expert Steven Schwartz, who joins Cytegic as Vice President of Strategy & Insurance.
He is a Co-Founder of The Data Union, the SVP of Business Development & Senior Managing Consultant, and was most recently a Managing Director at CEO Quest.
“This is a once in a lifetime opportunity to work with a platform as mature as Cytegic’s and the value proposition it brings to the insurance market. We make cyber risk understandable and in the language we all understand; dollars,” said Schwartz.
Commenting on Cytegic’s decision to launch its own insurance unit, Chief Executive Officer Elon Kaplan said, “As a company immensely focused on rapid cyber risk quantification and resilience, we know that the insurance industry is fundamental for all businesses to thrive and grow as cyber risk continues to evolve and become more complex.
“Bringing our patented approach to market now is the right thing to do for partners and for the insurance industry as well.”