NEW YORK–(BUSINESS WIRE)–Cyberwrite, a leading provider of cyber insurance technologies, has been selected by Navacord Corp., one of Canada’s largest and fastest-growing multi-line insurance brokerages and financial services firms, to provide brokers with a cyber risk quantification solution to bolster cyber insurance growth. This collaboration equips Navacord’s brokers with patented AI-driven cyber risk quantification tools from Cyberwrite’s cyber insurance analytics platform. Using Cyberwrite, Navacord brokers can now enable business leaders to quantify their financial exposure to cyberattacks, gain actionable insights on how to mitigate cyber risk, enhance their risk posture before the underwriting process, and obtain the policy they need to protect their business.
Navacord is utilizing Cyberwrite’s proprietary platform to generate management-level cyber risk reports tailored for CEOs, CFOs, and IT leaders across their customer base. The reports highlight the probability of a breach and the potential financial impact of a cyber attack, enabling clients to understand their coverage needs and make informed decisions on how to improve their risk management process. Cyberwrite’s real-time data collection covers over 99.97% of businesses worldwide, providing risk reports for virtually any organization in eight languages within seconds, and is used in over 50 countries.
“Small businesses and enterprises alike often struggle to properly quantify the potential financial impact a cyber attack would have on their business, which makes getting the policy they need more complicated. Cyberwrite enables Navacord’s brokers to help their clients quantify their exposures and get the policy they need using a risk report that is tailored to each insured, unlike generic benchmarking information, which is misleading at best and damaging in many cases,” said Nir Perry, CEO of Cyberwrite. “Navacord’s commitment to utilizing AI models for cyber risk quantification aligns perfectly with their customers’ needs for real-time, tailored insights.”
By providing clear, business-friendly reports, Cyberwrite empowers brokers to foster trust and transparency, guiding clients to secure appropriate coverage. Additionally, these reports allow insureds to identify and address security gaps before requesting a quote, reducing the likelihood of declinations and securing more favorable rates.
“Cyberwrite enables us to recommend to insureds the adequate coverage based on each client’s unique technological profile and exposure, and share in detail the likelihood and impact of cyber risk in a simple-to-understand manner,” said Patrick Bourk, Vice President, Cyber and Professional Lines at Navacord. “By using Cyberwrite’s AI-driven reports, our brokers help clients better manage cyber risk with a policy that is right for them as well as the insights for CEOs and CFOs to understand coverage needs.”
Cyberwrite’s patented AI technology transforms complex technical cyber risk data into actionable, simple-to-understand risk insights, allowing insurance professionals to clearly communicate the specific probability of a breach or incident and the potential economic impact of such an event to any business in seconds. The platform is also used for cyber insurance underwriting and, by providing contextual benchmarking against industry peers, provides a next-gen catastrophe modeling solution to enable carriers, reinsurers, and the ILS market to manage accumulation risk.
Learn more about how Cyberwrite reduces risk in cyber insurance.
About Navacord
Navacord is one of Canada’s largest commercial insurance brokerages, delivering expert risk management and benefits solutions across industries. Headquartered in Toronto, Navacord supports clients through a national network of entrepreneurial broker partners. Learn more at www.navacord.com.
About Cyberwrite
Founded in 2017 by veterans of the cybersecurity and insurance industries, Cyberwrite is a global leader in AI-driven cyber risk quantification and modeling. Its solutions are trusted by leading insurers, reinsurers, and brokers to power cyber catastrophe modeling, streamline cyber insurance distribution, and enable AI-driven cyber underwriting that reduces loss ratios and operating costs. Cyberwrite’s flagship platform, 4SEEN®, delivers real-time, actionable insights on hundreds of millions of companies worldwide, providing unparalleled visibility into cyber risk. Recognized as a Gartner Cool Vendor and honored by Frost & Sullivan, Cyberwrite is at the forefront of innovation in cyber risk analytics. For more information, visit: www.cyberwrite.com.
Contacts
Matt McLoughlin
Gregory FCA for Cyberwrite
610-228-2123
[email protected]
