Italian insurance giant Generali has announced the launch of CyberSecurTech, its own technology startup aimed at the provision of innovative cyber risk assessments for its customers.
Furthermore, the wholly owned ‘startup’ will support Generali’s newly-launched technology platform Majorana, designed and developed entirely by the group’s team of IT security experts.
The introduction of these two initiatives forms a cyber security function Generali hopes will develop and coordinate its global approach to cyber risk. From customer support services aimed at the prevention of attacks, to preparing the best response to a breach, and managing the technical and legal implications.
“Today’s announcement confirms Generali’s commitment in cyber security, an increasingly significant and strategic space for individuals, companies and organisations,” said Marco Sesana, Country Manager Italy and Global Business Lines.
“Generali, as a global insurer, intends to be at the forefront of identifying and mitigating this type of emerging risk, offering innovative and relevant solutions for our customers.”
“Leveraging the new function’s expertise and the Group’s technological innovation, which is the cornerstone of CyberSecurTech start-up, we will able to support our customers’ needs.”
Generali states that Majorana uses innovative methodologies to manage risk, allowing the gradual implementation of its global cyber insurance offering.
The platform collects and analyses customer data, starting from an assessment of the customer’s web perimeter, then searching the deep and dark web for possible data leaks that may have affected the potential customer, and, finally, reviewing vulnerabilities in the IT infrastructure.
Subsequently, results are analysed through a proprietary algorithm, leading to the development of an IT risk insurance policy and an IT security report that can be shared with the customer.
“Developed using innovative technologies based on machine learning and artificial intelligence, the tool’s considerable sophistication enables the real risks to which the customer is exposed to be assessed, providing detailed information that the customer can use to build a plan to mitigate risks,” added Remo Marini, Chief Executive Officer of the CyberSecurTech start-up.