Cyber risk quantifier Cytegic has partnered with S-RM Intelligence and Risk Consulting to support rapid cyber risk quantification in the insurance sector.

Under the agreement, S-RM Intelligence will use Cytegic rapid cyber risk quantification to provide cyber risk capabilities and analytics within its service offering.

Cytegic vice president of strategy and insurance Steven Schwartz said: “Insurance companies are striving to underwrite cyber risk more smartly, more efficiently, and with more transparency.

“They are striving to understand how they can leverage analytics to better tailor their service offering and sales conversations, no matter where they work.

“Our combined resources will seek to transform traditional cyber risk management through automated value-added insights and professional support that optimise the spend between risk mitigation and risk transfer to achieve cyber resilience.”

Cyber risk quantification is often challenged by the lack of historical experience and evolving nature of cyber risk.

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In such a scenario, the entire value chain including brokers, underwriters and board members, can use Cytegic with S-RM’s intellectual and human capital to support rapid cyber risk quantification, Cytegic noted.

S-RM senior managing director of cyber security Billy Gouveia said: “Partnering with Cytegic allows us to deliver a new dimension to optimising cyber risk management and resilience.

“Cytegic’s robust solution helps S-RM’s cyber consultants support our clients in identifying, measuring, and managing cyber risks and driving efficiencies.”

Recently, Cytegic launched its own insurance business as part of its strategy to support the industry in dealing with complex and evolving cyber risks.