[May 16, 2018] |
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Cyberwrite Named a 2018 Cool Vendor in Insurance by Gartner for Its Cyberrisk Profiling Technology
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.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180516005214/en/
In the report Gartner (News - Alert) 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 (News - Alert) 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 prchase 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.
Gartner
clients can access the Gartner report here.
¹Gartner, Cool Vendors in Insurance, Sham Gill, Kimberly
Harris-Ferrante, Jeff Haner, Laurie Shotton, Richard Thomas Natale,
Juergen Weiss, 26 April 2018
Gartner Disclaimer
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.
About Cyberwrite
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180516005214/en/
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