Digital risk processing platform Cytora has partnered with cybersecurity company DynaRisk to help insurers understand and reduce cyber risk.
Through this partnership insurers will be able to use DynaRisk’s suite of cyber risk assessment data on Cytora’s platform.
This will allow underwriters to immediately be able to take into account a host of data points regarding a company’s exposure to cyber risk when calculating insurance quotes, enabling more comprehensive risk evaluation and better decision-making.
Underwriters will have access the number of DynaRisk’s tools, such as ‘Leaked Data’ which determines whether a person or business has had its data stolen; and ‘Hacker Chatter’ which can identify whether an individual or business is the subject of discussion on the dark web – this includes hacker reconnaissance and active attacks.
Other tools include ‘Vulnerability Check’ which determines if a company is using outdated software which could be susceptible to hacks; and ‘Open Service Check’ which can scan to see if a business has high risk services exposed to the internet which could be exploited by hackers.
According to the announcement, Cytora’s partnership with DynaRisk is the latest in a series of partnerships that Cytora has signed as part of its mission to build one of the world’s most comprehensive data ecosystems for insurers.
Juan de Castro, COO at Cytora, said: “We’ve seen in recent years just how damaging a hack or data breach can be to a business and its customers. This risk is only going to increase as hackers become more and more sophisticated.
“Consequently, it is increasingly important for insurers to accurately determine the level of cyber risk a business or individual has. This is a very complicated process – but through partnerships like this – we can provide insurers with all the insights and tools they need to make faster and more accurate risk evaluations and decision-making.”
Andrew Martin, Founder and CEO at DynaRisk, added: “Our partnership with Cytora is reshaping how risk assessment is conducted. By incorporating DynaRisk’s intelligence, we’re empowering underwriters to make more informed decisions than ever before. This is about deepening the understanding of cyber risk, leading to smarter, more accurate insurance offerings.’’
