Generali has introduced a cyber insurance function and subsidiary known as GeneraliCyberSecurTech. Its goal is to offer cyber risk assessment solutions.

The subsidiary, wholly owned by the group, along with the function will work to develop the group’s cyber risk activities.

The aim is to avert cyber attacks, offer an apt response to cyber breaches and facilitate technical and legal management of events.

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Generali country manager of Italy and global business lines Marco Sesana said: “Today’s announcement confirms Generali’s commitment in cyber security, an increasingly significant and strategic space for individuals, companies and organisations.

“Leveraging the new function’s expertise and the Group’s technological innovation, which is the cornerstone of CyberSecurTech start-up, we will able to support our customers’ needs.”

Additionally, Generali and CyberSecurTech have rolled out a technology platform. The platform has been designed and developed by the group’s IT security expert team.

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Dubbed Majorana, the platform gathers and evaluates customer data. This in cludes information such as a customer’s web perimeter and possible data leaks that may have affected a customer.

The assessment is also aided by a proprietary algorithm, resulting in the development of an IT risk insurance policy and security report.

CyberSecurTech CEO Remo Marini said: “Developed using innovative technologies based on machine learning and artificial intelligence, the tool’s considerable sophistication enables the real risks to which the customer is exposed to be assessed, providing detailed information that the customer can use to build a plan to mitigate risks and transfer residual risks, both from a technology and insurance perspective.”