Cyberwrite: Managing Cyber Risks through Automation

Nir Perry, CEO & Founder, CyberwriteNir Perry, CEO & Founder
Even as technology brings in great opportunities to the cyber insurance market, it has not stopped the industry from being under constant threats of cyber-attacks and data breaches. The lack of adequate technology, data, suitable risk models, and customer awareness on the risks that lurk in the cyber insurance landscape were becoming obstructions in the way of progress for the cyber insurance ecosystem. Insurance organizations needed technologies or tools that could aid them in analyzing the probable risks from third parties and support their environment through risk management. Formed in 2016, Tel Aviv-based Cyberwrite delivers cyber profiling technologies that help insurers tackle their challenges of cyber insurance risk modeling, risk predictions, and pricing, besides automating the underwriting process for cyber insurance policies.

Cyberwrite’s portfolio of technologies and solutions assist underwriters and the insured in analyzing policy risks to make clear-cut decisions effectively. The company’s comprehensive machine learning platform - Cyberprofile technology, enables insurers, brokers and agents to cyber profile and benchmark the cyber insurance risks that businesses might face, and foresee the financial losses they are likely to suffer. Focused specifically on small and medium-sized businesses, the company’s analytics engine incorporates ML algorithms to translate raw cyber risk data into cyber risk scores and financial impact estimates. Some of the leading insurers across the globe use the platform to support their organizations in data-gathering, underwriting analytics, and pro- active aggregated risk management.

Rather than a “one size fits all” approach, Cyberwrite’s solution adapts to each client’s policy. The unique platform offers features such as benchmarking for coverage risk and risk profiles, predicts financial damages, and generates easy to understand reports on request.

With the integration of cyber profiling technology, the solution enables insurance companies worldwide in carrying out agile and effective vendor cyber-risk profiling and compliance actions.

The unique platform offers features such as benchmarking for coverage risk and risk profiles, predicts financial damages, and generates easy to understand reports on request

What makes Cyberwrite second to none is their ability to profile and analyze the cyber insurance risks of businesses in real-time and on-demand. Insurers and customers both benefit from this capability as they can understand the probability and the financial impact of a cyber event for the specific business from Cyberwrite’s solutions. For insurance executives who are flooded with new policy requests and inaccurate questionnaires every day, Cyberwrite automates their company’s cyber insurance processes, vastly reducing paperwork.

Cyberwrite follows a systematic approach when it comes to managing a customer and the aggregated risks associated with the specific cyber policy of a carrier. On connecting with an insurance company, Cyberwrite initially conducts a two-day workshop for policy analysis and project launch. Going forward, Cyberwrite then adapts the platform’s algorithms and reports to the specific policies of the insurance company. The underwriters, agents, brokers, and other team members are trained on the platform’s functions so that they are able to obtain the most out of each report. Following these procedures, the final reports are delivered to the underwriters and the insureds resulting in the higher sale of policies and lesser risks on books.

Cyber insurance and vendor risk management are bringing great opportunities to the market with their immense potential. With Cyberwrite’s proprietary solutions enlightening insurance companies on their cyber risk profiles and safeguarding their finances from being lost to cyber-attacks, the company has earned a loyal list of expanding clientele in the US, UK, EU and LATAM territories. The year ahead looks promising for Cyberwrite as the company intends to launch a next-generation technology based on a recommendation engine that enables organizations to proactively reduce their risks associated with their customers and vendors.