Insurtech Zywave launches cyber risk evaluation technology
Leading insurtech provider, Zywave, has announced the addition of Cyber OverVue to its Analytics Cloud. Originally created by Advisen, one of Zywave's acquired companies, Cyber OverVue produces a holistic view of any organisation's cyber risk profile, projects potential cyber loss scenarios, and forecasts their consequences.
Proper cyber insurance coverage more critical than ever before
According to Zywave, ensuring a company has the proper cyber insurance coverage in place is more important than ever before. Zywave's proprietary loss data shows rapidly-growing economic loss values associated with cyber risk, including response costs, litigation, fines, and penalties, approaching $68 billion in aggregate. Cyber OverVue leverages these 100,000+ cyber loss cases, spanning breaches, phishing, network disruption, ransomware, and more. Insurance brokers can now strategically engage insureds about potential cyber exposures and the resulting financial impact an event could have on their business.
"Today's brokers recognise that cyber liabilities and cyber risks are no longer emerging risks; these risks have emerged, and every organization is exposed," said Jeff Cohen, Zywave Senior Vice President.
He added that "Cyber OverVue helps brokers audit the cyber coverage needs of any insured by modeling frequency, severity and benchmarking limit adequacy, and to make more accurate coverage recommendations for their clients."
Zywave’s Cyber OverVue
The new Zywave-enhanced release of Cyber OverVue aims to increase cyber risk advising capabilities while also improving user experience by integrating with all of Zywave's capabilities delivered in the Zywave Cloud. Zywave said in a statement that a thorough executive summary, improved severity analysis, cyber loss simulations, and expanded limit adequacy analyses are all included in this upgrade.
Cyber OverVue incorporates unique algorithms to assess 70 different exposure variables associated with cyber risk. Brokers can employ on-demand analytics to present a full view of a company's possible cyber loss exposure and simulate specific scenarios, enabling them to provide tailored advice about the type and the amount of appropriate cyber insurance.
Since acquiring Advisen in November 2020, Cyber OverVue is the first of many innovative Advisen solutions that Zywave plans to migrate into its cloud platform.