Investments & partnership to become a boon to enhanced capabilities of cyber insurance
16 Oct 2019
The significant rise in cyber attacks have posed great threat to day to day operations. Companies have put a lot of effort in monitoring and preventing cyberattacks and avoid potential loss. However, the unfortunate events take place and the businesses are affected greatly. Apart from day to day operations, there are financial losses incurred by businesses. This has led companies to opt for cyber insurance to mitigate financial losses. Cyber insurance providers have adopted various strategies to serve the businesses in a better way. Raising funding to enhance capabilities is one of the major strategies adopted by the providers. This enables the companies to expand their offerings and reach into potential markets. Partnership is also one of the major strategy s companies can adopt to enhance capabilities and become a unique combination that provides services that can stand out. The industry for cyber insurance is gaining momentum. According to the research firm Allied Market Research, the global cyber insurance market is expected to generate $14 billion by 2022. Following are some of the activities taking place across the world.
Raising funding to gain more capabilities and provide better service to companies and insurers is one of the strategies adopted by market players. Arceo.ai raised $37 million in funding in a round led by Lightspeed Venture Partners and Founders Fund along with participation CRV and UL Ventures. With the funding, Arceo aims to expand size and scope of its cyber insurance offerings by offering real time data, context, and reducing cyber risk. One of the vital components of Arceo’s offering is its analytics capabilities. Its patented cyber risk and data science models offers analytics-based insights for insurance companies, end users, and brokers. For underwriters, the firm offers insurance recommendations on the basis of policy coverages.
Partnership is also another major strategy adopted by market players to offer better service. Combination of various capabilities makes the company a unique market player that can stand out in the competitive world. Sompo International Holdings Ltd. Joined hands with SecurIT360 and The Crypsis Group for offering complementary cyber risk management service to provide email security protection. With this partnership, the clients of Sompo International Cyber can access and avail consultations from cyber consultants of SecurIT360. These consultants would perform customized reviews of its email security protocols and configurations. This will help in management of risk against cyber criminals. The consultants would provide best practice recommendations for the entire range of security and deployment processes. Mr. Richard DePiero, Senior Vice President, U.S. Cyber Product Leader for Sompo International, outlined that the company would help clients in addressing current and potential cyber risks and email security vulnerabilities. The partnership with SecurIT360 and The Crypsis Group would offer email security review service, which is expansion of risk management services provided by the company. Mr. Dan Wadley, Executive Vice President of Sompo Pro, highlighted that its unique combination of risk management services and specialized underwriting expertise would make the Sompo International stand out as a prominent market player for cyber, financial and professional lines solutions.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.