"Cyber risk is both a major opportunity and a challenge for the insurance industry," said Matthew Mosher, chief operating officer at A.M. Best Rating Services. "On one hand, it is a high-growth new premium opportunity, but simultaneously, it is a peril across many lines of insurance.
"Cyber risk is a major concern for our clients. While there has been a focus on risk prevention and mitigation through technology investment, a holistic cyber risk strategy should balance risk mitigation with risk transfer," said
"Until now, cyber risk has been defined primarily as a technology problem, but when developing an economic risk model, people and processes are just as important," said
Cyence investors include
Cyence empowers the insurance industry to understand the impact of cyber risk in the context of dollars and probabilities. Cyence's unique approach combines economic/risk modeling, cybersecurity and big data analytics to create an economic cyber risk modeling platform. Cyence's platform and analytics are leveraged by leaders across the insurance industry to help understand and manage cyber risk, as well as to roll out new transformative insurance products.
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