Why We Built CyberInsurify
Overview
About Cyberinsurify
One of the biggest security questions companies’ face is,
“What is my business Cyber Risk Exposure and the financial impact of this Cyber Risk?”
When we hear about hacking events targeting corporate, government and even small business, we are grateful our organization is not the victim. Potential victims often possess the perception that hackers will only sensitive targets such as large corporations or banks. While some use their skills & talent for ethical purposes, others threaten, steal and cause harm. The size of an organization is irrelevant to an Intruder; and you become an immediate target if you catch attention of malicious entities. If a SMB manages it's business affairs online, investing in cyber Insurance is one of the smartest decisions CEOs, business owners or key decision makers can make.
Prior to choosing hybrid risk transfer options, understanding of the business Cyber Risk Exposure is very Important.
How do you go for it?
CARA (Cyber Assets Risk Assessment) combines three important steps to protect your business properly against cyber risks - Plan, Prevent and Insure.
Plan: Evaluate your business vulnerabilities and then identify the required cybersecurity solution and insurance coverage for your business.
Prevent:Ensure your devices are protected from cyber risks by installing industry leading security software and tools.
Insure: Get the right cyber insurance coverage to protect your business against financial losses due to cyber-attacks.
Our security engine (CARA) is a decision-support solution for Cyber Insurance Companies and Cyber Health Check for businesses. It continuously quantifies cyber risk to financial risk; allowing organizations to achieve better ROI on their security investments by lowering cyber risk, and ultimately securing the value of a business via Cyber Insurance.
Why We Built CyberInsurify
“In the last 2 years whenever we have assessed the clients risk exposure by long list of security Q&A questionnaire. We spent weeks talking to them and reviewing their risk assessment data. The accurate data we really needed could not be obtained by simply working on the security Q&A questionnaire and waiting for that client to answer deeper security questions that they avoided. “We continued working on these methods, but found later that the approach is not correct. We started digging around to bring standardized and continuous methods. After discovering the client’s security issues, we incorporated new provisions into the coverage to protect the company. “It was during this experience we identified the opportunity for CARA Platform, CyberInsurify. We thought: ‘What if we could create a neutral, secure, and automated reporting platform for communication between the organization & its respective insurer to manage the confidential dialogue when exchanging the information of Cyber Posture'. Better dialogue will enable the insured organization to reveal their exposure for efficiently managing cyber risk; so that the most suitable cover for subscription is adequately tailored to needs. It enables better exchange where an event occurs via ensuring confidentiality. .