Why I'm excited about Cyberwrite, and you will be too

Digital transformations are on the rise. So too are cyberattacks, data breaches, and other cyber risks, making cyber insurance a must-have for businesses globally. Yet, while over 100 million companies are digitally dependent and need cyber insurance policies, they can't get the coverage they need or are underinsured.

How we got here

Nearly a decade ago, when I spearheaded the launch of Allianz's cyber insurance policy in Germany, insurers focused primarily on the potential harm that could befall a business — whether from external or internal threats, such as an employee clicking on an attachment from a phishing attack or unknowingly giving their password to cybercriminals. But with the escalation of cyber as a "weapon" that can be used broadly and affect systems throughout a region and globally, insurers began to recognize the potential that one cyber event could trigger hundreds of thousands of policies globally.

One way the industry addresses this is through policy limitations and exclusions, but that doesn't completely solve the problem for the client because they are still left with significant exposure. The challenge today is cracking the code for reducing aggregated exposure in the event of global cyberattacks while helping businesses reduce their exposure and get the coverage they need. The only way to achieve that is to collect and analyze the data on every insured in your book of business — and this is where Cyberwrite and its patented AI model, 4SEEN®, come into play.

The power of AI in cyber insurance

In most business lines, insurers and reinsurers have significant historical data to draw from. In property insurance, for example, insurers have amassed tremendous amounts of data on how different building materials might withstand fire, wind, or flood damage. While historical data spanning decades doesn't exist in cyber insurance yet, much data is available to understand cyber risk and exposure and compare a business' cyber risk against others in their industry.

AI is crucial in helping insurers make sense of the immense amount of cyber-risk data available on each company and quickly calculate a business' cyber risks — enabling accurate pricing, determining appropriate coverage limits, assessing aggregated risk, and ensuring brokers can close deals promptly.

The Cyberwrite advantage

Cyberwrite's cyber insurance data gathering platform puts insurers in a position to collect data about any business and its potential cyber risk exposure in real-time. But more importantly, the patented 4SEEN AI model enables them to make sense of this data and provide a cyber insurance risk report — all in less than a minute.

Years of data gathering and analysis indicate that several categories of AI-driven insights can enable insurers to reduce cyber insurance risk quickly and confidently: how the insured compares to others in their industry on key cyber risk factors; how external network risks and security incidents affect the risk score; how mitigation controls influence expected financial losses.

This is why I'm excited about Cyberwrite — it solves the fundamental data and decision gap that has constrained cyber insurance market growth for years. And the best part: it's only getting better as the dataset grows.