With every passing year, enterprises, governments and financial institutions become more concerned with cyber risk—and rightfully so. Despite organizations spending billions of dollars on IT security each year to protect their data and customers, breaches still occur at an alarming rate, underscoring the necessity for cyber insurance as an effective, complementary solution for security.
Many insurers, however, fail to adequately measure cyber risk due to lack of understanding, and the majority of policies have low liability limits that don’t begin to cover the potential financial loss of a hack. As the leading economic modeling platform for assessing cyber risk, Cyence has the answer. By leveraging both machine learning and econometric models, Cyence’s technology is able not only to predict the incidence of a cyber event for organizations with impressive accuracy, but also to evaluate the severity, accumulation and exposure of a particular policy. Empowered by reliable information, insurers who use Cyence are taking a massive step forward in the fight against cyber attacks.