Hyperion Insurance Group’s international broking arm Howden will be partnering with cyber insurance technology specialists Insurisx to develop a technology-based platform to enhance methods by which risks can be modelled and underwritten.
The initiative is aimed at changing the way Cyber Insurance is sold and to enhance the security of clients from possible cyber-attacks.
Insurisx chairman major general Ami Shafran said: "Insurisx’s unique approach leverages comprehensive cyber risk insight derived from the military with an intimate understanding of the requirements of the insurance industry and its clients.
"By providing the industry with a better ability to predict and hedge its own risk, Insurisx can help expand the policy’s coverage and bring insurance prices down, with the end goal of improving overall security and economic wellbeing."
Insurisx that develops solutions catering to the Cyber Insurance industry works on automated cloud-based risk assessment tools that make use of various cyber-intelligence feeds, driven by big data analytics.
The company uses these feeds to develop actuarial and underwriting formulas for the insurance industry to assess their own risks more efficiently.
Howden managing director Shay Simkin said: "By providing our clients with the knowledge and tools to reduce their fundamental exposure to potential cyber-attacks we can help them to become less prone to incidents and security breaches and thus see expanded coverage or more attractive pricing from insurers."