Cyber Insurance Explained With 6 Israeli Startups Disrupting The Industry

This article is a guest post on NoCamels and has been contributed by a third party. NoCamels assumes no responsibility for the content, including the facts, images, and opinions presented by the authors.

Syvanne Aloni works as a marketing and communications consultant in Israel and the UK, with clients spanning a variety of industries and sizes. He has a particular passion for unlocking international opportunities for Israel-based companies and often acts as a cultural bridge for startups looking to do business with the Anglo-Saxon world. Syvanne’s op-ed pieces on Israeli technology, law and cyber have been published in Globes, CTech, The Times of Israel, and the Jerusalem Post.

In a world that continues to fight COVID-19, 2021 became a year of acclimatization, as billions of people around the world learned to accept the new normal. Many companies continued to operate largely remotely, and technology adoption has continued to flourish.

Yet many in the global community have struggled to adapt their cybersecurity hygiene accordingly, allowing, in turn, malicious actors to access vital data or disrupt crucial networks. The result has been a sharp increase in attacks, with ransomware and supply chain attacks causing the greatest concern in the cyber community. The cyber insurance industry, a field that covers a company’s liability for a data breach or cyber attack, has faced an unprecedented volume of claims as a result, with many setting record costs stemming from such attacks. . Market conditions have hardened severely, supply is struggling to meet demand, and yet cyber risk continues to grow.

With an increase in the frequency and severity of cyberattacks around the world over the past year, cybersecurity protection has become one of the fastest growing markets in the insurance industry.

And with the cyber industry entering the new year with such tumult, we are turning our attention to the “hottest” Israeli companies leading the way. These innovative minds have taken a different approach to minimizing cyber risk, focusing on cyber insurance as a risk transfer mechanism and responding to its pain points with disruptive solutions.

As we enter what promises to be another transformative year for the cyber insurance product, here are some cyber insurance visionaries who are leading the industry around the world from their offices in Israel:

Founders: Rotem Iram and Roman Itskovich (formerly also: Etai Hochman and Tilli Kalisky-Bannett)

One of the leading cyber insurance providers, Israel-founded insurtech firm At-Bay is undoubtedly now less of a startup and more of a unicorn, following its recent Series D funding round at a valuation of $ 1.35 billion. No genuine review of the top Israeli revolutionaries in the global cyber insurance market would be complete without him. At-Bay has innovated the insurance sector with an incisive product that combines both insurance coverage and cybersecurity technology. At-Bay helps its clients tackle cyber risk head-on and actively reduce the growing threats of 2022.

At-Bay Executive Leadership Team from left to right: Ayelet Kutner, Tara Bodden, Rotem Iram, Brett Sadoff, Roman Itskovich, Joseph Schiro. Courtesy.

The company has offers especially useful for SMEs (small and medium-sized companies) that allow them to complete online quotes and benefit from remote risk assessment solutions, while constantly monitoring these risks throughout the year. In contrast, traditional cyber insurers review your policy and potential risks only once a year after policy renewal. That is why At-Bay has overcome cyber insurance market considerably in risk mitigation, evidenced through their figures. At-Bay customers are seven times less likely to have to file a claim after a cyber incident.

Founder: Nir Perry

For simplified third-party cyber risk modeling, Cyberwrite’s predictive analytics algorithms are the answer. Cyberwrite enables insurance professionals with limited technical knowledge to calculate the cyber risk of SMEs and estimate the economic impact of a cyber attack on their business. They apply non-invasive technology to profile an organization’s inherent and residual risk, compare it with its industry peers, and analyze its potential exposure to financial damage vis-à-vis suppliers. Cyberwrite’s technology is particularly useful for those concerned about the potential damage caused by attacks on the supply chain (a growing trend that will continue in 2022) and for those who are interested in minimizing losses from business interruption due to third party accidents.

Founders: Asaf Armoni and Guy Simkin

This is the go-to education provider for all things cyber insurance. The Cyber ​​Insurance Academy caters to all insurance professionals who wish to immerse themselves in the world of cyber. It offers a rigorous online academic program that is designed to enable brokers, underwriters, claims professionals, and risk managers to more confidently engage with their clients and maintain a healthy appetite for risk. This small but powerful startup has attracted a significant number of people and familiar brands to its training program, demonstrating that Israel’s world-leading cyber expertise has continued to expand to other sectors around the world.

Cyber ​​Insurance Academy
Asaf Armoni and Guy Simkin, founders of Cyber ​​Insurance Academy. Courtesy

The Certified Cyber ​​Insurance Specialist (CCIS) course is the most comprehensive course on the market and the only cyber insurance learning program accredited by the prestigious Chartered Insurance Institute (CII). It also provides opportunities for its students to continue their education, network with other industry professionals, and stay abreast of this fast-paced industry. As the cyber insurance industry continues to expand and cyber risks evolve, the Academy’s master classes will become one of the safest ways for insurers to future-proof their business.

Founders: Yakir Golan and Shalom Bublil

This Israeli startup is the insurer’s new best friend. Kovrr’s cyber risk modeling platform provides global companies and (re) insurers with transparent data-driven information about their cyber risk exposures. Aimed at risk professionals, insurers and CISOs, its AI-based risk models can quantify and manage risk and probable maximum loss of portfolios well in advance, and in turn, can inform targeted mitigation. Kovrr’s product provides the comprehensive response to systemic risk that many other vendors struggle to compete with.

Founders: Yonatan Hatzor, Neta Rozy, Ori Cohen and Tamir Carmel

This is the hassle-free insurer for downtime accidents. Tel Aviv-based company Parametrix offers an insurance product that covers time lost from third-party information technology services. Monitor third-party cloud-based products, their availability and performance without the need to install new hardware and software. This data then produces economic policies based on parametric models: whenever downtime events are detected, the system triggers a pre-agreed policy and fast, hassle-free payments 15 days later.

Cyber Insurance Explained With 6 Israeli Startups Disrupting The Industry
The Parametrix team.Photo by Roni Fux

This is nothing short of revolutionary in the field of cyber insurance: Gone are the days of working hard on a claim form and seeking compensation. And in the meantime, Parametrix is ​​tackling one of the most serious problems facing businesses in 2022: supply chain attacks and business disruption.

Founders: Saar Bar and Darren Gradus

We are rounding out the 2022 lineup with a kind of curve ball. Surance.io provides what you didn’t know you needed: next-generation home cyber protection and prevention. This startup responds to the estimated market of 3.1 billion dollars for personal cyber insurance against cyber attacks such as identity theft, cyberbullying, breaches of personal information or damage to reputation, and much more. The company’s first product, Home Safety Net, scans connected devices in the house, alerts you to risks, recommends how to avoid threats, and offers personalized cyber insurance that covers physical and media damage. In the onslaught of ever-increasing personal cyberattacks, this will become a must-have for households around the world.

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