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August 7, 2019

QOMPLX Technology unveils technology risk insurance

QOMPLX, a provider of intelligent decision platform, has introduced technology risk insurance to enable companies reduce risks and costs resulting from technology-related incidents.

According to the company, its technology risk insurance incorporates multiple traditional insurance silos and enhances transparency while simplifying language for all parties concerned.

Using the telematics data from an organisation’s cybersecurity and operational risk management systems, QOMPLX solution generates a more complete and near real-time view into possible risks and exposures.

QOMPLX’s Technology Risk insurance is focused on the five leading causes of technology risk which include system breach, theft and extortion, interruption of third-party systems, and errors and omissions.

It has teamed up with select (re)insurers to secure capacity for insurers to provide a better experience, insurance product, and value proposition which enables superior scope and scale.

QOMPLX insurance president and general manager Alastair Speare-Cole said: “Technology has transformed operational risk of companies and the insurance industry’s approach has been to bolt a new silo onto their business model rather than look at risk from the client’s end of the telescope.

“The corporate world needs comprehensive real-time data from all aspects of its technology in a form that can be used for risk management, and shared with those who need it, to provide better insurance products.”

The insurance will be made available in the UK later this year. It will be launched in the US and Australia next year.

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