BitSight, the Standard in Security Ratings, and Kovrr, a leader in data-driven cyber risk modeling, are furthering their partnership and today announced Financial Quantification for Enterprise Cyber Risk—a product that provides CISOs and Chief Risk Officers an easier, more efficient and repeatable means to financially quantify their cyber risk and report to senior executives and board members. Developed using Kovrr’s multiple underlying cyber risk models that analyze different categories of loss scenarios, the BitSight Financial Quantification for Enterprise Cyber Risk product calculates an organization’s financial exposure to cyber risk. The turnkey solution enables on-demand analysis and complements the cybersecurity performance measurements…
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MAPFRE RE aims to leverage Kovrr’s portfolio management solution for analyzing accumulated cyber risk exposure in cyber (re)insurance treaties. MAPFRE RE, the reinsurance unit of MAPFRE Group, a global insurance and reinsurance provider, today announced that it is collaborating with Kovrr, a cyber risk modeling company to advance their capabilities for assessing accumulated cyber risk exposure in their treaties. Kovrr’s portfolio management is the first solution to introduce advanced machine learning sampling technology which creates representational synthetic portfolios when information regarding treaty risk composition is limited. The solution allows (re)insurers to financially quantify cyber risk for facultative books and treaties.…
Kovrr, Parametrix and Orca AI and other nine insurtech had recently started the program Lloyd’s has selected twelve new InsurTech disruptors, among them three Israeli Startups, to join the global (re)insurance market’s innovation accelerator, as part of Lloyd’s commitment to becoming the most technologically advanced insurance marketplace in the world. The Israeli InsurTechs are: * Kovrr – a platform that enables (re)insurers to financially quantify cyber risk. * Parametrix – an MGA, that creates parametric insurance for external service downtime such as cloud outages, network crashes and platform failures. Its products help to close the protection gap in business interruption.…
Yes, the world has changed. It will no longer be the same world we experienced before the Corona. Even if the virus disappears the experience remains, the Coronavirus disease will undoubtedly a dramatic effect on the human life. The insurance industry is shaking up. The need to cover the damages caused to customers by the virus but not less the decline in sales and revenue The InsurTech world is going through a difficult time. Especially because most of the startups are early-stage companies that need external funding for their activities and some of the applications is not perfectly prepared However,…
CEO and Co-Founder Yakir Golan: There is a lack of awareness to silent cyber risk exposure within traditional insurance portfolios. Every commercial insurance company needs to manage its cyber exposure even if it does not write affirmative cyber policies The Kovrr cyber risk modeling company is expanding its recruitment for senior executives from the European and American insurance market. The company has recruited David Clouston, former Interim Head of Catastrophe Risk at Lloyds and now an advisor to multiple global firms on their exposure management process and cyber strategy. The company has also recruited Marco Lo Giudice, PhD, an expert…