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20 September 2019 Insurance

Cyber risk quantifier Cytegic launches insurance unit to tackle complex and evolving risks

Cyber risk quantifier Cytegic has launched its own insurance company in a move it hopes will help support the industry in tackling complex and evolving risks.

Cytegic's cyber risk platform provides end-to-end solution to automate cyber risk management and quantifying its financial impact across the entire insurance and risk value chain.

The company has hired insurtech specialist Steven Schwartz to lead the new insurance unit as vice president of strategy & insurance.

"Imagine a world where insurance is not purely transactional for transferring risk, but advising insureds on mitigating risks with a relationship built on trust," said Schwartz. "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."

Elon Kaplan, Cytegic founder and CEO, added: "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."

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