Partnership is the latest in a string of broker and cyber risk specialist collaborations
Hyperion’s broking arm Howden has announced a joint venture with cyber insurance specialist Insurisx Inc to enhance the way cyber risks are modelled and underwritten.
Insurisx, a US-based tech company, will work with Howden to develop a technology-based platform for clients of any size to use.
The platform is a cloud-based risk assessment tool, driven by Dig Data analytics, which will create innovative actuarial and underwriting formulas based upon cyber-intelligence feeds.
Insurisx chairman Major General Ami Shafran said: “Insurisx’s unique approach leverages comprehensive cyber risk insight derived from the military with an intimate understanding of the requirements of the insurance industry.”
Cyber insurance is a growing market. Earlier this month, Aviva announced its first cyber cover in partnership with US digital risk management giants IDT911, while Allianz hired Rishi Baviskar as a cyber risk consultant in March, the first ever hire of its kind.
Shay Simkin, who oversees Howden’s global cyber crime departments added: “By providing our clients with the knowledge and tools to reduce their fundamental exposure to potential cyber-attacks, we can help them become less prone to incidents and security breaches and thus see expanded coverage or more attractive pricing from insurers.”