Howden, the retail broking unit of Hyperion Insurance Group, has partnered with cyber risk assessment services provider Cytegic to automate cyber risk assessment and financial impact analysis across global insurance markets.
Cytegic is a cyber risk assessment company that developed a cyber risk quantification platform, which is touted to be the first automated end-to-end solution encompassing the entire scope of cyber risk assessment and financial impact analysis for the entire insurance and risk value chain.
Its Automated Cyber Risk Officer (ACRO) is claimed to be used by insurers, enterprise and consulting partners across the globe.
Leveraging forward-looking contextual and quantified global threat intelligence, with defensive capabilities, ACRO can identify risks to an organisation’s business assets and financial impact to any degree of granularity.
Howden cyber global head Shay Simkin said: “After researching numerous solutions and putting the Cytegic platform through a variety of challenging tests, we were able to confirm Cytegic’s unique ability to accurately quantify financial risk through its automated ACRO platform.
“Rapid evaluation of third-party risk and security posture optimization can be performed automatically through the Cytegic platform, providing clients with greater efficiency and transparency.
“We will be able to provide a proactive partnership with customers by actively helping them understand and quantify their cyber risk.”
“Increasing global regulatory requirements demand a greater level of cyber risk identification and management. Cyber risk, in the age of all-encompassing connectivity, needs to be addressed by executives and boards in a business context and not as an IT problem,” Hyperion Insurance said in a statement.
Cytegic CEO Elon Kaplan said: “We are excited to partner with Howden, a global leader with extensive expertise in cyber insurance, to drive forward the cyber insurance revolution.
“Cytegic’s non-invasive and automated cyber risk quantification platform enables end-to-end cost-effective management of cyber insurance policies with precision, validity and financial transparency.”
The insurance company offers a wide range of insurance solutions to clients across the world. With offices across Europe, Asia, Iberoamerica, the Middle East and Africa, the company has operations in over 90 territories through its partner network Howden One.