Kovrr Announces The First Fully Integrated Silent Cyber Risk Solution
October 3, 2018
LAS VEGAS–(BUSINESS WIRE)–KOVRR,
a provider of predictive modeling for cyber insurance, today announced
the first fully integrated silent and affirmative cyber risk solution.
The new product enables insurance and reinsurance carriers to identify
uncalculated capital at risk and quantify policy clauses that may leave
them liable in the event of a cyber-attack. Kovrr’s predictive models
are custom built for insurers of all sizes, based on their policy
wordings, existing portfolios and unique business strategy.
The silent risk offering consists of a service in which an insurer’s
policy wording is analyzed. The analysis identifies potential loss
processes followed by an automated process in which Kovrr’s public,
open-source, proprietary and third-party data harvesting engines are
leveraged to build out fully-tailored risk scenarios to simulate loss
processes, calculate loss costs, correlations and to audit an insurer’s
book of business.
Each assessed entity undergoes a cyber security resilience analysis
which is then processed through dozens of risk scenario models that
result in real-time insights and prediction of frequency and severity of
incidents. These risk scenarios are continuously updated by Kovrr’s
global threat intelligence stream which monitors millions of ongoing
incidents in real-time. The final result provides insurance
professionals with a clear understanding of cyber risks that can affect
policies being issued or already issued by the insurer.
Yakir Golan, CEO of Kovrr, 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.”
By leveraging Kovrr, underwriters are able to validate capital at risk
associated with cyber events in any P&C line of business, quantify cyber
risk for new policies, and adjust prices based on a customer’s cyber
stature. Kovrr’s platform utilizes constantly evolving cyber risk models
to help insurers maintain a long-term competitive edge.
About Kovrr
Kovrr
enables insurers and reinsurers to understand, quantify and minimize
cyber risk through global data harvesting and AI-based risk modeling
engines. Kovrr’s predictive cyber risk modeling platform is used
globally to support cyber risk selection decisions and to manage
affirmative and silent accumulated risk exposures.
Contacts
Kovrr
Naomi Weisz
naomi@kovrr.com