Cyber Insurance Underwriting

Generating an accurate pricing scheme and providing appropriate coverage when underwriting policies relating to digital risks is an onerous process. Cyber insurance is a new product with limited historical data covering constantly evolving risks. Underwriters are often limited to point-in-time data from questionnaire-based assessments and annual penetration tests rather than continuous risk intelligence from automated assessments.

Challenges

  • Subjective reporting
    Applicants self-report, potentially misrepresenting the data and leading to adverse selection.
  • Lack of historical data
    Cyber insurance is a relatively new segment; therefore, cyber underwriting lacks historical data on which to evaluate risk and accurately price.
  • Static data vs. dynamic risk
    Underwriting is based on point-in-time intelligence; however, security risks and vulnerabilities are constantly evolving.
  • Manual cyber risk assessments
    Underwriters depend on applicant assessments and penetration testing, but these processes are still manual and infrequent.

Solution

  • Transparent reporting
    Our key product, CyDesk, provides insurance companies with advanced analytics powered by AI, based on categorised, quantified data from up to 900 risk indicators.
  • Historical data and audit trail
    We provide up to 24 months of historical data leaks and risk insights, including an audit trail for regulatory purposes. This equips insurers with contextualised risk insights for optimised coverage and improved pricing.
  • Dynamic underwriting
    We help you to create definitive profiles of policy applicants that are always up-to-date, with real-time alerts throughout the policy lifecycle.
  • Automated cyber risk assessments
    CyDesk streamlines underwriting processes with automated assessments and vulnerability scans. Results are available within 24-72 hours.
Read More

For more information about how we can help, download our CyDesk Insurance Product Sheet.

Download Here

United Kingdom

contact@cynation.com

+44 020 3190 5000

The Rain Cloud Victoria
76 Vincent Square
London, SW1P 2PD

The Netherlands

contact@cynation.com


Oude Udenseweg 29
5405 PD Uden
The Netherlands

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