Cytegic and Phoenix Insurance Partner for Cyber Risk Underwriting

Business Wire

Fueling Growth for Cyber Insurance in Small and Medium-Sized Enterprises

TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)-- Cytegic Inc. and The Phoenix Insurance Company LTD today announced a partnership leveraging Cytegic’s platform to automate cyber insurance risk analysis and underwriting for the Israeli market, making cyber insurance accessible and relevant for small and medium-sized enterprises and not just large corporations.

The Phoenix Insurance, the fastest growing insurance company in Israel and a leader in special coverages, together with Cytegic, the leading automated comprehensive cyber risk management and quantification platform powering the cyber insurance revolution, will also work together to fuel growth and manage portfolio risk in new markets outside of Israel.

Elon Kaplan, Chief Executive Officer, Cytegic said, “Cyber risk quantification is one of the biggest challenges faced by the insurance world today. Cytegic, with its ground breaking ACRO (Automated Cyber Risk Officer), is a pioneer in rapid assessment of risk and financial impact for the small and mid-market organizations. The Phoenix, one of the most innovative insurance companies, is a natural partner for collaboration and penetration of this growing global market.”

Avi Manaim, Chief Innovation Officer, The Phoenix Insurance said, “As the leading insurer in Israel, The Phoenix has experienced strong growth by providing the best insurance products and experience, powered by cutting edge technologies. Cyber insurance is a global opportunity which requires deep expertise and sophisticated technologies. Partnering with Cytegic opens new horizons for The Phoenix both locally and internationally."

Cytegic will showcase their platform and assessment tools in the Israeli Export Institute Pavilion at the RSA 2019 conference the week of March 4 to March 8 in San Francisco. For more information or a demo contact [email protected].

ABOUT CYTEGIC

Cytegic’s revolutionary cyber risk platform is the industry’s first automated end-to-end solution that encompasses the entire scope of cyber risk management and financial impact analysis across the entire insurance and risk value chain. After 25+ man-years of R&D and 4 granted US patents, Cytegic has made groundbreaking steps in the highly challenging task of quantifying cyber risk at any level of scale, from SMB's to Fortune 500 enterprises. Utilized globally by insurers, enterprises and global consulting partners, Cytegic’s Automated Cyber Risk Officer (ACRO), leverages forward-looking, contextual and quantified global threat intelligence with internal, technologically validated defensive capabilities, to automatically identify risks to an organization’s business assets and financial impact at any degree of granularity. We can finally talk about cyber risk as a business risk tied to dollars and ROI; and make informed business decisions.