Cytora and DynaRisk partner to help insurers reduce cyber risk

Digital risk processing platform Cytora and cyber security company DynaRisk have teamed up to help underwriters quickly understand any business’ exposure to cyber risk.

The move will allow insurers to use DynaRisk’s cyber risk assessment data tools on Cytora’s platform. 

Such tools include Hacker Chatter, which can identify whether an individual or business is the subject of discussion on the dark web, as well as Vulnerability Check, which determines if a company is using outdated software that could be susceptible to hacks

The two firms aim for the move to help underwriters immediately take into account a host of data points regarding a company’s exposure to cyber risk when calculating insurance quotes.

Andrew Martin, founder and chief executive of 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.’’

Risk

This comes after the government’s Cybersecurity Breaches Survey, published earlier this year (24 January 2024), revealed that 59% of medium-sized businesses experienced cyber breaches or attacks in the last 12 months.

Cowbell’s research, published earlier this year (19 March 2024), also highlighted that only 19% of surveyed SMEs had a recommended cyber incident response plan (IRP) in place.

Juan de Castro, chief operating officer 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.”