MAPFRE RE Adopts Kovrr to Manage Cyber Risk Line

MAPFRE RE will use Kovrr for a wide range of use cases, expanding skills for assessing accumulated cyber risk exposure together with underwriting and pricing capabilities.

(Image credit: Carabo Spain/Carlos Bonilla Miranda.)

MAPFRE RE, the reinsurance unit of MAPFRE Group (Madrid), a global insurance and reinsurance provider, has announced that it has signed a partnership agreement with Kovrr (Tel Aviv/London), a cyber risk modeling company, to support a wide range of use cases, expanding skills for assessing accumulated cyber risk exposure together with underwriting and pricing capabilities.

Oscar Taboada, Head of Cyber, MAPFRE RE.

“We are excited to expand our partnership with Kovrr and begin using the newest features in their Portfolio Exposure Management solution,” comments Oscar Taboada, Head of Cyber, MAPFRE RE. “Based on robust event catalog data and industry leading usability, their intuitive and transparent platform allows us to better understand and manage cyber risk to improve our decision making, helping us manage our accumulated cyber risk exposure as well as underwriting tasks.”

Kovrr reports that it recently updated its event catalog, based on research arising from new proprietary data sources to reflect changes in the cyber threat landscape, including an improved view of emerging risks, threat actors, attack methods, and ransomware and malware campaigns. Additionally, the catalog includes a wider range of service provider events, considering important business criticality factors, the company says.

Robust New Features

“We are pleased to introduce robust new features and capabilities for our model and platform, which will make it even easier for our customers to understand, financially quantify and manage cyber risk in their portfolios and provide the most accurate information for pricing,” comment Shalom Bublil, chief product officer & co-founder, Kovrr. “It’s great to be able to establish our partnership with MAPFRE RE to truly understand the quantification capabilities needed by innovational businesses and continue to use our cyber expertise to bring the top-notch cyber risk models to the market.”

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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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