MAPFRE RE partners with Kovrr to manage cyber risks
MAPFRE RE, a global insurance and reinsurance provider, has announced it is improving the management and mitigation of its cyber risks by collaborating with Kovrr, an Israeli cyber risk modelling organisation. The partnership also aims to “support a wide range of use cases, expanding their skills for assessing accumulated cyber risk exposure together with underwriting and pricing capabilities”, the company said.
Kovrr’s updated cyber threat catalogue
Kovrr’s event catalogue has been updated to show changes in the cyber threat landscape and provide more accurate analysis and information on potential threats for companies such as MAPFRE RE. The catalogue also gives a clearer view of new risks, threat actors, attack methods, and ransomware and malware campaigns.
Kovrr has also said that the new features of its model and platform aim to help the customer understand, financially quantify and manage cyber risk in their portfolios and provide accurate pricing information.
Oscar Taboada, Cyber Head at MAPFRE RE, said: “We are excited to expand our partnership with Kovrr and begin using the newest features in their Portfolio Exposure Management solution. Based on robust event catalogue data and industry-leading usability, their intuitive and transparent platform allows us to better understand and manage cyber risk to improve our decision making, helping us manage our accumulated cyber risk exposure as well as underwriting tasks”.
Kovrr’s Chief Product Officer & co-founder, Shalom Bublil, said: “It is great to be able to establish our partnership with MAPFRE RE to truly understand the quantification capabilities needed by innovational businesses and continue to use our cyber expertise to bring the top-notch cyber risk models to the market”.
Three easy ways to protect yourself from cybercrime
Cybersecurity is important. It protects your data and information including personal photos, emails, and documents. Here are three easy ways to improve your cybersecurity awareness and protect your organisation, or even yourself from cybercriminal activity.
- Check to see if you or your organisation has been involved in a data breach: According to the Victoria University in Australia, by visiting https://haveibeenpwned.com/ and typing in your email address, you can check to see if any of your accounts have been compromised.
- Improve the strength of your passwords: When it comes to setting a hard-to-guess password, the longer it is with a variation of letters, numbers, and symbols, the stronger it is.
- Try not to use the following passwords: There are some passwords that are not recommended. These are:
- 123456 (or any chronologically-ordered numbers)
With these steps, your cybersecurity knowledge can be increased and, as a result, you will become better protected from a potential attack.
CB Insights: US Insurtechs Are Competing In A Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.