Mapfre partners with Cyberwrite for AI-driven cyber protection for SMEs
Spanish insurer Mapfre and cyber technology provider Cyberwrite have joined forces to improve cyber protection for SMEs with the use of artificial intelligence (AI).
Cyberwrite will provide Mapfre with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at the time of underwriting and renewing its cyber insurance.
Cyberwrite leverages AI to offer on-demand, real-time cyber risk analysis through its 4SEEN algorithm. It can generate multilingual reports with contextual cyber data, comparing companies worldwide to industry peers, regulatory framework gap analysis, and financial quantification of potential losses.
According to Cyberwrite, some of the risk factors in the SME public interface include open ports, obsolete technologies or software versions with known weaknesses, poor encryption and certificate practices, lack of anti-spam mechanisms or recorded episodes of exposed credentials (including the ‘dark web’), malware discovery, and more.
Mapfre said the SME segment is one of its main focus areas in terms of cyber risk, as it represents a large volume of the business landscape in territories such as Iberia and Latin America, two of its main markets.
"For an SME, a cyber-attack can be catastrophic. At Mapfre, we want to accompany these companies in their cyber-protection strategy and minimize the impact that risks can have on their business. By having on-demand access to the analyses, we can better understand the risk associated with each company, and offer products and services in line with their actual needs," said Óscar Taboada, head of underwriting Europe & head of cyber at Mapfre Re.
He added: "With Cyberwrite, we are taking a leap forward in the evaluation, monitoring, and control of cyber risk, obtaining insights that are very useful for the teams to make data-driven underwriting decisions.”
Nir Perry, CEO and founder at Cyberwrite, said: “Many small businesses just can’t afford effective cybersecurity programs, so they don’t have the resources to protect themselves and don’t understand the risk. Our data analytics and risk reports offer Mapfre and its customers digestible information about where exposures are. But, more importantly, AI predictions help users to understand what the findings actually mean from a cyber insurance policy perspective, in terms of risk and industry benchmark.”
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