MAPFRE and technology provider Cyberwrite have joined forces to help the insurer’s clients reduce the risk of cyber-attacks with AI.
The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at the time of underwriting and renewing its cyber insurance.
“Businesses of all sizes, including SMEs, are being targeted by cybersecurity threats,” MAPFRE said.
The firm continued, “According to the latest data from Statista, by the end of 2022, the cost of cyberattacks stood at around $8.44 trillion, and by 2027 the figure is expected to triple to $23.84 trillion. With the stakes so high, insurers need more data to help them understand and manage risk.”
Cyberwrite leverages AI to offer on-demand, real-time cyber risk analysis through its 4SEEN algorithm. MAPFRE observed that in seconds, Cyberwrite can generate multilingual reports with contextual cyber data, comparing companies worldwide to industry peers, regulatory framework gap analysis, and financial quantification of potential losses.
Through these reports, the Spanish insurer said it can learn about the risk level of each SME and help it take the necessary measures to remedy its cybersecurity gaps or adjust the conditions of the cyber insurance to achieve the best possible protection.
Nir Perry, CEO and Founder at Cyberwrite, commented, “Many small businesses just can’t afford effective cybersecurity programs, so they don’t have the resources to protect themselves and don’t understand the risk.
“Our data analytics and risk reports offer MAPFRE and its customers digestible information about where exposures are.
“But, more importantly, AI predictions help users to understand what the findings actually mean from a cyber insurance policy perspective, in terms of risk and industry benchmark.”
Óscar Taboada, Head of Underwriting Europe & Head of Cyber at MAPFRE RE, added, “For an SME, a cyber-attack can be catastrophic. At MAPFRE, we want to accompany these companies in their cyber-protection strategy and minimize the impact that risks can have on their business.
“By having on-demand access to the analyses, we can better understand the risk associated with each company, and offer products and services in line with their actual needs.
“With Cyberwrite, we are taking a leap forward in the evaluation, monitoring, and control of cyber risk, obtaining insights that are very useful for the teams to make data-driven underwriting decisions.”