Cyber Insurance Landscape
To identify the following information relating to the cyber insurance market: what insurance companies are doing in this space, what startups are doing in this space, and if there are specific markets/trends/ technologies and investments in this space (by corporates, startups raising money and so on).
Overall Trends in Cyber Insurance
- According to an article by Fintech Futures, the leading offering by startups in the cyber insurance technology space include SaaS companies that "dynamically assess insurers’ cyber security risks and benchmark them in order to affect the rating accuracy granted by their underwriter partners." e.g. SecurityScorecard and BitSight Technologies
- Insurers are increasingly adapting their coverage in accordance with the growing technological risk that companies face. As a result, cyber insurance has now become relevant to organizations across all industries. Coverage for risks that were previously unavailable in the market such as property damage, bodily injury, computer replacement costs, and funds transfer fraud can now be obtained.
- Insurers offer comprehensive loss mitigation and remediation solutions that can be tailored to the needs of small and medium enterprises as well as to the complex needs of larger businesses.
- Insurers and technology startups are responding to the growing needs within the market through innovative software to increase the speed and accuracy of assessing and pricing risk for companies of all sizes.
Cyber Insurance Technologies: New innovations
- NS Insurance has reported that Verisk has recently introduced a software called "Cyber Underwriting Report" which is embedded with AI-based modeling capabilities and draws information from 12.4 million businesses and 100,000 cyber attacks. A cyber-risk score is provided based on the internal cyber security level of a company and the current threat landscape, and is benchmarked against industry peers and reveals which interconnected companies could be affected by an attack.
- Cytegic has introduced an insurtech product called "Automated Cyber Risk Officer" which is marketed to insurance companies and allows organizations to "analyze their risk of a breach by scanning systems to find out where the gaps in their security are — based on the latest threats."
Proposed next steps:
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We will continue this research for more in-depth findings on the following areas: 1) 5-7 latest innovation trends in cyber insurance among established insurance providers. 2) 5-7 latest innovation trends in cyber insurance among insurance startups. 3) an overview of the business models of 2-3 established cyber insurance providers focusing on product offerings, and technologies used. 4) an overview of the business models of 2-3 startup cyber insurance providers focusing on product offerings, and technologies used. 5) 7-10 examples of investments (by corporates, startups raising money, etc) in the cyber insurance space within the past 5 years. 6) an overview of the types of markets (segmentations) within the cyber insurance space. 7) 5-7 latest technologies used by cyber insurance providers. Global scope.
In addition, we can identify 1) 3-5 key competitors in the US cyber insurance market and 2) provide a competitive landscape of 2-3 competitors providing cyber insurance in the US. We will focus on the following information for each competitor: company overview, products/services offered, revenue, and competitive advantage.
We can also provide research on 5-7 drivers of growth in the US cyber insurance market. Let us know if we should focus on the global market instead.