Cyber risk quantifier Cytegic has launched its own insurance business in a move that hopes it will support the industry in understanding and tackling cyber risks.
With 4 US Granted Patents, Cytegic's innovative, mature cyber risk platform is the industry's first, end-to-end solution automating cyber risk management and quantifying its financial impact across the entire insurance and risk value chain.
Cyber risk and insurtech expert Steven Schwartz will head up the unit and joins Cytegic as vice president of Strategy & Insurance. Schwartz is the co-Founder of The Data Union, the senior vice president of Business Development & Senior Managing Consultant and was most recently a managing director at CEO Quest.
Schwartz said. "This is a once in a lifetime opportunity to work with a platform as mature as Cytegic's and the value proposition it brings to the insurance market. We make cyber risk understandable and in the language we all understand; dollars. Imagine a world where insurance is not purely transactional for transferring risk, but advising insureds on mitigating risks with a relationship built on trust. New sources of revenue without customer acquisition costs is where insurers profit. We enable the industry to transform its business model with automated remediation plans to engage insureds with ease and value add with every touchpoint. Cytegic's seamless, integrated information architecture enables the industry to formulate an informed risk appetite perspective while recognizing significant operational efficiencies, underwriting clarity, and pre-breach revenue. It meets the unique needs of what the industry needs to proliferate as expected: transparency, validity, speed, and massive scale."
Elon Kaplan, Cytegic founder and CEO said: "As a company immensely focused on rapid cyber risk quantification and resilience, we know that the insurance industry is fundamental for all businesses to thrive and grow as cyber risk continues to evolve and become more complex. Bringing our patented approach to market now is the right thing to do for partners and for the insurance industry as well."