Traditional underwriting methods, primarily reliant on self-reported information, often paint an incomplete picture of a company's cyber posture. This isn't quite ideal, especially with the cost of cyberattacks expected to triple to $23.84 trillion by 2027, according to data from Statista.
So, insurance company MAPFRE and cyber risk analytics provider Cyberwrite joined forces to leverage AI to enhance risk mitigation and insurance underwriting, aiming to make cyberspace a safer haven for SMEs.
The alliance hinges on Cyberwrite's platform, powered by its proprietary 4SEEN algorithm. This AI engine scans a company's digital footprint, from IT infrastructure to online presence, in real-time, to generate comprehensive cyber risk reports. These reports go beyond mere vulnerabilities. They highlight specific areas of weakness and predict potential attack vectors.
Armed with this tailored intelligence, SMEs can prioritize their cybersecurity investments to patch critical vulnerabilities and strengthen defenses where they matter most.
“Many small businesses just can’t afford effective cybersecurity programs,” said Nir Perry, CEO and founder at Cyberwrite. “Our data analytics and risk reports offer MAPFRE and its customers digestible information about where exposures are, but more importantly AI predictions help users understand what the findings actually mean from a cyber insurance policy perspective in terms of risk and industry benchmark.”
The partnership also offers MAPFRE a potent tool for optimizing its cyber insurance offerings. By integrating Cyberwrite's risk assessments into the underwriting process, MAPFRE can assess potential policyholders with greater accuracy, tailoring premiums to reflect their actual risk profile. This data-driven approach not only benefits MAPFRE through more informed risk management but also fosters fairer and more affordable premiums for SMEs.
“By having on-demand access to the analyses, we can better understand the risk associated with each company, and offer products and services in line with their actual needs," said Óscar Taboada, Head of Underwriting, Europe and Head of Cyber at MAPFRE RE. "With Cyberwrite, we are taking a leap forward in the evaluation, monitoring, and control of cyber risk, obtaining insights that are very useful for the teams to make data-driven underwriting decisions.”
The SME segment is one of the main focuses of the insurer in terms of cyber risk, as it represents a large volume of the business landscape in territories such as Iberia and Latin America, two of its main markets. Thus, with this collaboration it reinforces its commitment to these businesses, also deepening the value that SMEs give to the information that MAPFRE provides about their vulnerabilities in the field of cybersecurity.
"With Cyberwrite, we are taking a leap forward in the evaluation, monitoring, and control of cyber risk, obtaining insights that are very useful for the teams to make data-driven underwriting decisions,” said Taboada.
Edited by
Alex Passett
