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October 5, 2018

Kovrr unveils cyber risk solution for insurance companies

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.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • 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.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • 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.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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