This collaboration will integrate DynaRisk’s suite of cyber risk assessment tools into Cytora’s platform, providing insurers with immediate access to a wealth of data points regarding a company’s exposure to cyber threats.
By leveraging DynaRisk’s specialised tools, underwriters can swiftly assess factors such as leaked data, dark web activity, software vulnerabilities, and internet-exposed services, facilitating more comprehensive risk evaluation and informed decision-making in insurance underwriting processes.
DynaRisk’s array of tools includes ‘Leaked Data,’ which detects instances of data breaches affecting individuals or businesses; ‘Hacker Chatter,’ capable of identifying discussions on the dark web related to potential cyber threats; ‘Vulnerability Check,’ assessing the susceptibility of companies to hacks through outdated software; and ‘Open Service Check,’ scanning for high-risk internet-exposed services vulnerable to exploitation by hackers.
The partnership between Cytora and DynaRisk underscores the growing emphasis on cyber risk management within the business and insurance sectors. It also represents a strategic move by Cytora to expand its data ecosystem for insurers, aiming to provide one of the most comprehensive platforms for cyber risk assessment in the world.
Juan de Castro, COO at Cytora, said: “We’ve seen in recent years just how damaging a hack or data breach can be to a business and its customers. This risk is only going to increase as hackers become more and more sophisticated. Consequently, it is increasingly important for insurers to accurately determine the level of cyber risk a business or individual has. This is a very complicated process – but through partnerships like this – we can provide insurers with all the insights and tools they need to make faster and more accurate risk evaluations and decision-making.”
Andrew Martin, Founder and CEO at DynaRisk, said: “Our partnership with Cytora is reshaping how risk assessment is conducted. By incorporating DynaRisk’s intelligence, we’re empowering underwriters to make more informed decisions than ever before. This is about deepening the understanding of cyber risk, leading to smarter, more accurate insurance offerings.’’
Cytora’s tie up with DynaRisk follows a period of significant growth for Cytora including agreeing a major collaboration with Chubb and the launch of the latest enhancement to its platform which leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.
