Cyber risk analytics firm, Cyberwrite and member of Munich Re Risk Solutions family, HSB have announced that HSB is renewing its subscription to Cyberwrite’s cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the US.
Due to the dramatic increase in remote workforces and a steep rise in cyberattacks since the start of the COVID-19 pandemic, cyber insurance is expected to reach $8 billion in annual premiums by the end of 2020.
Cyber insurance is crucial in protecting businesses against the financial damages of cyber risks, especially SMB’s which are most at risk.
A recent Ponemon Institute survey reported that 76 percent of SMBs have experienced a data breach in the past 12 months suffering significant financial damages.
Purchasing a cyber insurance policy is vital in protecting businesses against the financial impact of these incidents. Still, there is a massive data and analytics gap preventing companies from purchasing the right policy for their needs.
Cyberwrite’s platform helps businesses globally to quantify the potential damages of cyber risks and provides recommendations for mitigation before they materialise. The Cyberwrite platform also enables insurance carriers to underwrite cyber insurance policies in real-time and manage risk aggregation and accumulation.
The platform is based on proprietary AI and machine learning algorithms developed by the company as well as threat intelligence and attack surface mapping capabilities.
As part of the agreement with HSB, Cyberwrite has tailored its predictive algorithms to the HSB cyber insurance policy for optimized accuracy. HSB’s Cyber Suite and Total Cyber coverages offer a comprehensive cyber insurance program to provide protection from a wide range of cyber risks.
Nir Perry, CEO of Cyberwrite commented: “We are delighted to renew our engagement with HSB for the Cyberwrite cyber analytics platform. Cyberwrite has provided HSB with a tailored solution to HSB’s Cyber Suite and Total Cyber policies to provide businesses with a tailored cyber risk report that reflects their risks and financial exposure to cyber-attacks.”
Rami Parient, Chief Data Scientist at Cyberwrite added: “The lack of data and advanced models required to quantify the financial impact of cyber risk is an issue for companies worldwide. For this reason, our financial cyber risk quantification and benchmarking technology is fundamental for the insurance industry and decision-makers everywhere when dealing with cyber risk.”
Steve McWilliams, Cyber Risk Services Manager at HSB, concluded: “Cyberwrite has been a great partner to work with and they have a solid understanding of the cyber risks that all businesses face in today’s world. Their platform helps us to quantify and manage our cyber risks across HSB’s portfolio of customers.”