KOVRR, a provider of predictive modeling for cyber insurance, announced a silent and affirmative cyber risk product.
The new product enables insurance and reinsurance carriers to identify uncalculated capital at risk and quantify policy clauses that may leave them liable in the event of a cyber-attack, said Tel Aviv-headquartered KOVRR.
Kovrr’s predictive models are custom built for insurers of all sizes, based on their policy wordings, existing portfolios and unique business strategy.
The silent risk offering consists of a service that analyzes an insurer’s policy wording and identifies potential loss processes. This analysis is followed by an automated process in which Kovrr’s public, open-source, proprietary and third-party data harvesting engines are leveraged to build out fully tailored risk scenarios to simulate loss processes, calculate loss costs, correlations and to audit an insurer’s book of business.
Each assessed entity undergoes a cyber security resilience analysis which is then processed through dozens of risk scenario models that result in real-time insights and prediction of frequency and severity of incidents, the company explained.
These risk scenarios are continuously updated by Kovrr’s global threat intelligence stream which monitors millions of ongoing incidents in real-time. The final result provides insurance professionals with a clear understanding of cyber risks that can affect policies being issued or already issued by the insurer.
By using Kovrr’s models, underwriters are able to validate capital at risk associated with cyber events in any P/C line of business, quantify cyber risk for new policies, and adjust prices based on a customer’s cyber stature, the company continued.
Kovrr’s platform utilizes constantly evolving cyber risk models to help insurers maintain a long-term competitive edge.
“We understood that insurers are looking for quantification methods around cyber risk but lack the cyber expertise in building their models,” said Yakir Golan, CEO of Kovrr. “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.”
Source: Kovrr
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