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.
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.