Israel-based cyber risk modeller Kovrr has introduced a new silent cyber risk offering. It enables insurers and reinsurers to recognise uncalculated capital at risk and compute policy clauses that may leave them liable in case of a cyber-attack.
What will drive the cyber insurance market over the next 3 years?
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
- Prepare for how regulation will impact cyber insurance over the next few years.
The company claims that the product is the first fully integrated silent and affirmative cyber risk solution.
The solution uses open-source, third-party data harvesting engines to build out fully-customised risk scenarios to simulate loss processes, calculate loss costs, correlations and to audit an insurer’s book of business.
All assessed clients undergo a cyber security resilience analysis processed through dozens of risk scenario models which ultimately offers insights and prediction of frequency and severity of incidents in real-time.
Kovrr’s global threat intelligence stream, which continuously update these risk scenarios, monitors millions of ongoing incidents in real-time.
The final outcome, according to Kovrr, offers insurance professionals with a clear understanding of cyber risks that can affect policies being issued or already issued by the insurer.
Kovrr CEO Yakir Golan said: “We understood that insurers are looking for quantification methods around cyber risk but lack the cyber expertise in building their models.
“We’re delighted to have already onboarded a number of forward thinking insurers and reinsurers and see our technology as the engine behind their affirmative and non-affirmative cyber risk strategy.”
The company’s predictive models are also custom built for insurers of all sizes. In addition, they can enable underwriters to validate capital at risk in any P&C line of business.
What will drive the cyber insurance market over the next 3 years?
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
- Prepare for how regulation will impact cyber insurance over the next few years.