(Image source: Hartford Steam Boiler.)
HSB (Hartford) has renewed its renewing its subscription to Cyberwrite’s (Tel Aviv) cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the U.S.
“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,” comments Steve McWilliams, Cyber Risk Services Manager, HSB. “Their platform helps us to quantify and manage our cyber risks across HSB’s portfolio of customers.”
Cyberwrite seeks to close a gap preventing SMBs from purchasing cyber insurance policies that suite their needs. A company statement notes that amid the dramatic increase in remote workforces and rise in cyberattacks since the start of the COVID-19 pandemic, cyber insurance, which protects businesses against the financial damages of cyber risks, is expected to reach $8 billion in annual premiums by the end of 2020. And the vast majority of cyberattacks happen to SMBs. A Ponemon Institute (Traverse City, Mich.) survey found that 76 percent of SMBs have experienced a data breach in the past 12 months suffering significant financial damages.
Cyberwrite says it mitigates the data and analytics gap experienced by SMBs by providing the capability to quantify, benchmark, and mitigate the financial cyber risk posed to businesses across industries. The company’s cyber risk analytics platform is based on proprietary AI and machine learning algorithms developed by the company as well what it describes as state-of-the-art threat intelligence and attack surface mapping capabilities. Cyberwrite’s platform is designed to help businesses to quantify the potential damages of cyber risks and provides recommendations for mitigation before they materialize. The Cyberwrite platform also enables insurance carriers to underwrite cyber insurance policies in real-time and manage risk aggregation and accumulation, according to the vendor.
The vendor notes that the platform requires zero integration, enabling fast adoption and is available in multiple languages including Japanese, Portuguese, Italian, and more.
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. As part of this value proposition, Cyberwrite delivers what it calls a simple-to-understand one-page risk report for the following coverages which HSB offers including benchmarking to industry peers:
- Data compromise response expenses
- Data compromise liability
- Identity recovery
- Computer attack including business interruption
- Misdirected payment fraud
- Computer fraud
- Cyber extortion
- Network security liability
- Electronic media liability
“We are delighted to renew our engagement with HSB for the Cyberwrite cyber analytics platform,” comments Nir Perry, CEO, Cyberwrite. “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.”
The lack of data and advanced models required to quantify the financial impact of cyber risk is an issue for companies worldwide, stresses Rami Parient, Chief Data Scientist, Cyberwrite. “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.”