SAN FRANCISCO & TEL AVIV, Israel--(BUSINESS WIRE)--Cyberwrite today announced it has been included in the list of “Cool Vendors” in the “Cool Vendors in Insurance”1 by Gartner, Inc. The InsurTech innovator has been recognized for its cyberrisk profiling technology for cyber insurance.
In the report Gartner writes, “Gartner's Cool Vendors in insurance apply a broad range of emerging technologies to provide innovative products and services and support new business models. Life and P&C insurance CIOs can use this research to keep themselves and their business peers ahead of the competition.”
Cyberwrite’s cloud-based SaaS solution gives insurers and brokers unique insights that enable them to tailor cyber insurance policies to meet the specific needs and budget of individual small and midsized businesses (SMBs). The solution is based on machine learning technology for translating raw cyber risk data into cyber coverage risk scores and financial impact estimations.
Cyberwrite enables coverage to be tailored to the specific risks of SMB’s, rather than the “one size fits all” approach currently offered. The solution is already being used by some of the world’s largest insurers, with reports run so far for over 50,000 companies globally.
Because Cyberwrite profiles and analyzes the cyber insurance risk of businesses in real time and on demand, it helps both insurers and their customers to understand the probability and financial impact of a cyber event for that specific business. This is presented in a one-page, simple to understand report, which serves insurers and brokers when they sell and underwrite cyber policies as well as business owners so they can purchase the right coverage. It is especially useful and clear for those who are not cyber experts.
In addition, insurance companies integrate Cyberwrite’s data into their system using Cyberwrite’s APIs for underwriting and catastrophe modelling purposes.
"Cyber insurance policies offered to small and midsize businesses are typically very broad and untailored, resulting in businesses paying extra for unneeded coverage while not being covered for the actual risks they face, and we are out to change this,” said Nir Perry, CEO, Cyberwrite. “We are very proud to be included in the prestigious Gartner report. We believe that Cyberwrite is set to shake things up in the coming years for the insurance industry.”
According to the US National Cyber Security Alliance 60 percent of small companies are unable to sustain their businesses six months after a cyber attack.
“Cyber insurance is becoming essential to businesses as the only product that compensates them after an attack, when technology cannot provide total protection. We expect high demand for this type of insurance among small and mid-size businesses because of the high and growing number of damaging cyber attacks,” added Perry. Allianz projects the cyber insurance market is set to grow to $20B in annual premiums in the next 7 years.
Cyberwrite is one of only four insurtech companies globally to be recognized by Gartner, as a Cool Vendor, whose insurtech database covers more than 1,000 startups.
¹Gartner, Cool Vendors in Insurance, Sham Gill, Kimberly Harris-Ferrante, Jeff Haner, Laurie Shotton, Richard Thomas Natale, Juergen Weiss, 26 April 2018
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Cyberwrite was founded in 2016 by a team of cyber risk experts and insurance veterans to address the $20B market of cyber insurance.
The company has customers in the United States and Europe and is backed by Austrian venture capital fund SpeedInvest, as well as senior insurance executives and angel investors from the United States and Israel. Among the company's advisors are Shmulik Regev, one of the founders of Trusteer and Inbar Raz, a thought leader and speaker in cyber intelligence research. Visit Cyberwrite at www.cyberwrite.com or on LinkedIn and Twitter.