Cytegic Partners with Lowers Risk Group on Cyber Risk Quantification

The partnership provides an end-to-end solution for the insurance industry to effectively quantify cyber risk as a core pillar of the cyber insurance underwriting process.

(Image source: Cytegic website.)

Cytegic, a Tel Aviv-based provider of automated cyber risk quantification for the insurance industry and enterprise organizations, has entered into a strategic partnership with Lowers Risk Group, LLC (Purcellville, Va.) a provider of enterprise risk management solutions. The partnership aims to accelerate the industry’s adoption of an end-to-end cyber insurance solution leveraging Cytegic’s cyber risk quantification platform joined with Lowers’ industry expertise and operations as a global forensic accounting firm, third-party claims administrator and global enterprise risk mitigation and loss prevention leader, according to a Cytegic statement.

Steven Schwartz, VP, Strategy & Insurance, Cytegic.

“Lowers Risk Group adds a new dimension to Cytegic’s capabilities and footprint given their extensive human and intellectual capital that will help Cytegic continue to position itself as an innovator and leader in quantifying cyber risk,” comments Steven Schwartz, VP, Strategy & Insurance, Cytegic. Schwartz adds, “By leveraging the combined industry expertise that have been embedded into our proprietary platform, we’re able to integrate a robust, quantified risk analysis as part of the core cyber insurance underwriting and application process. This is an industry first enabling both the insurance industry and traditional enterprise risk management to better support fact-based decision making to prioritize and invest in capabilities that address real risks while effectively communicating across the business.”

“Understanding that digital risks require an integrated risk management solution, Cytegic leverages an easy-to-use application which automatically integrates an organization’s relevant threat landscape against the defensive security posture so business leaders finally have the clarity needed to prioritize their efforts on real risks facing their business,” comments Joe Scarlato, President, Emerging Markets and Technology, Lowers Risk Group. “Beyond real-time underwriting capabilities that displace the paper-based cyber insurance application, Cytegic’s technology also offers customers and partners of Lowers’ the ability to perform thousands of simulations of different threat scenarios and investments in security solutions that help business executives optimize the spend between risk mitigation and risk transfer.”

“Cytegic is excited about the partnership and forthcoming solutions with Lowers, a global leader in enterprise risk management,” comments Elon Kaplan, Founder & CEO of Cytegic. “We have a truly unique opportunity to help organizations and insurance companies understand, underwrite and undertake cyber risk management.”

Key Pillar in Cyber Risk Management

“As cyber risk quantification continues to become a key pillar in cyber risk management and resilience, we’re looking forward to elevating all stakeholders in our interconnected, dynamic digital world,” adds Cytegic’s Kaplan.

Cytegic describes its risk quantification platform as the industry’s first end-to-end solution automating cyber risk management and quantifying its financial impact across the entire insurance and risk value chain. The company’s Automated Cyber Risk Officer (ACRO), created after 25+ man-years of R&D and 4 granted U.S. patents, according to the vendor, leverages contextual, quantified global threat intelligence with internal, technologically validated defensive capabilities, to automatically identify risks to an organization’s digital assets and its financial impact at any degree of granularity.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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