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Cyberwrite Research for Mastercard Shows: Cyber-Attacks on Israeli Local Municipalities May Lead to an Aggregated 4.5B ILS in Damages

  • imgThu, 27 Feb 2020
  • imgNir Perry

Cyberwrite Research for Mastercard Shows: Cyber-Attacks on Israeli Local Municipalities May Lead to an Aggregated 4.5B ILS in Damages

February 26, 2020 09:00 AM Eastern Standard Time

StartPath Cyberwrite

TEL AVIV, Israel–(BUSINESS WIRE)–Cyberwrite, in collaboration with Mastercard, shared insights from a recent cyber-risk financial impact research which reveals that cyber-attacks on local municipalities and regional councils in Israel may lead to aggregated damages estimated in 4.5 billion New Israeli Shekels.

Cyberwrite research for Mastercard shows that cyber-attacks on Israeli local municipalities may lead to an aggregated 4.5B ILS in damagesTweet this

Cyberwrite, a leading cyber risk modeling firm which is specialized in the quantification of financial damages caused by cyber-attacks, has utilized its technology to collect open-source intelligence and model the cyber risk municipalities are exposed to using its proprietary AI algorithms. Cyberwrite has recently been selected to participate in the Start Path, Mastercard’s award-winning startup engagement program and is providing its technology to businesses worldwide. The company’s solutions and technology are simple to use and involve zero-integration.

As part of this collaboration, Cyberwrite generated cyber-risk reports for 251 local municipalities and regional councils in Israel which include risk benchmarking and financial damage estimation for different risk types. The study found that 5 of Israel’s largest cities are exposed to potential aggregated damages valued at 650M ILS. The financial damages stem mainly from risks such as theft of residents’ information, loss of information records, digital theft, disabling public services and more.

The study also found that user login credentials of Israeli local municipalities’ employees and contractors were commonly found on the dark web. Municipalities are the first on the list with an average of 17 stolen user credentials, while regional councils had an average of 11 credentials found online.

Nir Perry, Cyberwrite’s CEO, mentioned that: “Municipalities in the United States and Europe are subject to constant cyber threats. In the first nine months of 2019, over 600 successful cyber-attacks on municipalities and urban authorities in the United States were identified. This is a global trend that is likely to affect municipalities world-wide and the privacy of their citizens alike. Many municipalities are also purchasing cyber insurance policies to cover some of the damages in case of a cyber incident.”

Omer Unger, Mastercard’s Israel manager, said: “Mastercard is expanding its cyber services to provide its global customers with the best and most innovative services. This is achieved by collaborating with Israeli Cyber companies, by the global acquisition of cyber companies, and through the establishment of cyber centers around the world, such as The Cyber Centre in Vancouver, Canada, which was announced by Mastercard in collaboration with the Canadian Government during last week’s World Economic Forum.”

About Cyberwrite

Founded in 2017 by cyber risk and insurance industry veterans, Cyberwrite is a leading technology provider enabling businesses world-wide to quantify their financial exposure to cyber risk using proprietary AI algorithms. Using the Cyberwrite solution, companies can predict their potential financial exposure to cyber-attacks and benchmark it to industry peers. Cyberwrite is backed by Austrian VC firm Speedinvest as well as by Silicon Valley based 500 Startups and Plug & Play Ventures. The company has offices in the US and Israel. Visit Cyberwrite at www.cyberwrite.com.

About Mastercard

Mastercard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. Its global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow Mastercard on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Watch Cyberwrite’s Pitch During Mastercard StartPath Annual Summit in Miami!

  • imgThu, 19 Dec 2019
  • imgNir Perry
Mastercard StartPath
Cyberwrite’s Pitch During StartPath 2019
StartPath
Nir Perry on stage at StartPath Summit 2019

Watch Cyberwrite’s pitch at StartPath summit Miami 2019!

Nir Perry, founding CEO of Cyberwrite, gave a pitch to 700 Mastercard employees and banking industry executives in Miami during the December 2019 Startpath summit. The pitch described the Cyberwrite banking value proposition to help merchants be more secure and less susceptible to cyber-attacks using Cyberwrite’s technology.

Cyberwrite provides cutting-edge technology to quantify, benchmark, and mitigate the financial impact of cyber-attacks on businesses across industries. Cyberwrite’s predictive models and data have been validated by the insurance industry and are now used worldwide by leading financial institutions to predict and mitigate cyber-attack damages estimated in billions annually.

Interview with Rami Parient – Cyberwrite’s Chief Data Scientist on the move from Insurance CRO to the startup world.

Rami Parient cyberwrite

CRO and Chief Actuary joins Cyberwrite, brings more than 20 years of experience in P&C actuary and risk management

 

After over 20 years in the insurance industry as CRO and Chief Actuary – Rami, Cyberwrite’s chief data scientist, moved to a startup! We interviewed him about his transition and what it actually means for him.

 

Q Let’s start with some background. What can you tell us about yourself? 

A: I have been a statistician and an actuary most of my professional life. Early on in my career, I was teaching statistics at a university and I was recruited to work at HIG (Hachshara Insurance Group). After a couple of years in the company, I was promoted to be Chief non-life actuary at age of 32. It was a big responsibility and I spent 15 years in the role while the company’s revenue and profit grew dramatically over the years. Finally, in 2012 I was named Group Chief Risk officer and spent 5 years fulfilling the role. During those years I was also supporting innovation efforts and was in charge of the risk aspects of different investment done by the group.  I was also in charge of some of our Reinsurance relationships in Europe.

Q Sounds like a great career. What made you choose a startup position as opposed to another c-level role?

A: At the end of 2016 it was time for me to move on. I had several options for roles in large insurance companies. But one day I got a phone call from the CEO of Cyberwrite, asking to meet for lunch. We met and he presented to me with an interesting proposal – to lead the data-science efforts of Cyberwrite, a company which just graduated from 500startups and Plug&Play accelerators and had just several clients in place. He didn’t promise a high compensation plan such as those offered by the insurance industry, but he did promise that I will be challenged and will completely leave my comfort zone. And the most important part – it’s a hands-on job. I really missed doing the real work and was used to spend most of my day in meeting and discussions. In the beginning, it seemed crazy to go work in a startup. But after several interviews and discussion with my family and friends – I decided to take the leap and dive into the startup’s world. I have never looked back since!

Q: Congrats on the move! What is your role at Cyberwrite? 

A: I lead the whole part of the company that deals with analytics and data science. I also take part in the product work since I come from the insurance industry and I understand the way insurance people work and think. It is crucial for a cyber insurance company to have such a person in place since cyber persons are only half of the equation – you need to have insurance people too. My team is in charge of making sense of data collected and to deliver insights that would be helpful for the insurance industry to underwrite cyber policies for small and mid-size companies and for aggregated risk management.  As Warren Buffet just mentioned a week ago, cyber insurance is an unchartered territory. It is our role to make sense out of data and enable insurers to win this market.

Q: What type of technologies and tools do you use?

A: I can’t say too much since some of it is confidential, but I can say we use machine learning technology to provide insurers with insights that they would otherwise find hard to get. Our capacity to deliver cyber financial impact estimation for businesses and probability analysis per coverage is first of its kind – and I am very proud of this achievement.

Q: What advice can you provide to other insurance executives that are considering to shift side and dive into the startup ecosystem?

A: It is very personal. I think that the change is great for some and not for others. If you feel the innovation fire burning within you – there is only one way that you can try it and it is by either starting a startup or joining one. Make sure you do something where your contribution is critical to the company and prepare to work crazy hours and in lightspeed. Everything must be agile. If you do it – it will change your life and you will feel 10 years younger!

Q: Cyberwrite was recently awarded Gartner Cool vendor in Insurance for its Cyberprofiling technology. How does that make you feel?

A: It is an exceptional feeling to know that something you build from scratch is recognized by Gartner. The report is focused on companies with combined value to insurance companies and Gartner included only 4 companies this year. They have over a thousand in their database and I think it means a lot.  We had a dinner to celebrate and then went back to work. There was customer delivery the next day. This is the startup life.

A: Thank you for your time!

Q: Thank you.

 

Cyberwrite presented its Cyber Underwriting solution at Digital Insurance Agenda in Munich.

  • imgThu, 30 Nov 2017
  • imgNir Perry
CyberWrite presented its Cyber Underwriting solution at Digital Insurance Agenda in Munich.
Nir Perry, CEO of CyberWrite has demonstrated the solution together with Tony Cabot, a country lead of M&Z Italy, a Marsh company. 

About: DIA sets the Digital Insurance Agenda for the years to come. The insurance industry in 2020 will look very different from what it is today.

The winning insurance firms of the future will be those that leverage the most innovative fintech solutions to accelerate their digital strategy.

In the last few years, we attended and spoke at many conferences and in boardroom sessions around the globe. In these discussions, we have learned that there is a great need to connect insurance executives and change agents to fintech leaders efficiently and effectively.

DIA is exactly tapping into that need.

DIA is dedicated to accelerating the crucial innovation of the insurance industry. DIA is the first global community and two-day conference connecting insurance executives to fintech leaders.

DIA is the biggest global conference offering a rare opportunity to see more than 50 of the world’s most innovative new technology providers that will disrupt the insurance industry live in action in just two days!

Nir Perry, CEO of Cyberwrite participated in a Cyber Insurance panel at Advisen

  • imgFri, 23 Mar 2018
  • imgNir Perry

The panel which was discussing the impact of malware on cyber insurance policies was held during the Advisen Cyber Insurance conference in San Francisco, CA.

Nir Perry, Speaker at Advisen Cyber Insurance conference on the impact of malware on Cyber Policies in 2018

The panel was chaired by Florence Levy which provides consulting on cyber insurance policies to corporates and Kevin Kirst from Charles River Associates which leaders cyber investigation for fortune 500 companies.

About the Advisen cyber insurance event:

Cyber exposures are expanding at a rapid pace, with a more connected business landscape introducing fundamental threats to businesses of all sizes and shapes. This day and a half conference will outline some of these threats, using recent examples, and ask how businesses should address them, with technology and human capital solutions. How is the insurance market responding? Is there enough cover available in these developing areas of business interruption, contingent business interruption, third-party lawsuits, and systems fail to adequately address buyer’s needs?

Cyberwrite appreciates the invitation by Advisen to speak at the event.

 

Cyberwrite backed by San Francisco based 500startups

  • imgMon, 23 Oct 2017
  • imgNir Perry

Cyberwrite, the Cyber Insurance technology company was chosen out of over two thousand startups to be a part of an exclusive batch of companies to accelerate in the US market as part of the 500startups seed program. Cyberwrite is part of the Fintech Batch specialized in Insurance technologies.

 

Here’s the 20th batch of 500 Startups companies

The program takes place in central San Francisco from January to May 2017.  More about the program here:

www.500.co

Cyberwrite is proud to be a part of #500strong


Cyberwrite sponsored InsurTech Connect 2017 Las Vegas

  • imgSun, 03 Sep 2017
  • imgNir Perry

InsureTech Connect is the world’s largest Insurtech event gathering of tech entrepreneurs, investors and insurance industry incumbents from across the globe.

About ITC:

Participants from more than 40 countries have already registered for ITC 2017. In the last week alone, we welcome attendees from Utrecht, Tokyo, Sao Paulo, Lima, Seoul, London, Sydney, Tapei, and Istanbul.

More than 300 different startups will attend InsureTech Connect 2017. Together, they have raised a staggering $2.6 billion dollars in funding.

CyberWrite graduated the Plug & Play Tech Center InsurTech program

  • imgFri, 14 Jul 2017
  • imgNir Perry

Plug and Play is a global innovation platform that connects startups to corporations. They have 22 locations across the world with success stories that include PayPal, Dropbox, SoundHound, and Lending Club. 

During the program, CyberWrite had the pleasure of meeting insurance companies from all around the world that came especially to engage with InsurTech startups and discuss challenges and technology.

CyberWrite would like to thank PNP for the support and collaboration during the program.

About PNP:

 

Rami Parient, former CRO and Chief Actuary at Hachshara Insurance Group joins CyberWrite as Chief Data Scientist

  • imgFri, 13 Jan 2017
  • imgNir Perry
Rami Parient cyberwrite

Mr. Parient joined CyberWrite in early 2017 and is leading the data science and actuary research division.

Rami Parient cyberwrite

As thought leader he has been in key leadership roles for more than 20 years in the insurance industry. He has worked globally with top re-insurance companies, leading the internal risk function and operations at Hachshara and acted as a board member in several publicly traded companies.

 

Mr. Parient holds a M.S in statistics and was lecturing in Israeli academy on statistics.

Garrett Koehn, Group President at CRC Insurance joins Cyberwrite’s Advisory Board

  • imgThu, 13 Jul 2017
  • imgNir Perry
Garrett Koehn

Mr. Koehn is advising CyberWrite’s leadership on different aspects of Cyber Insurance trends and challenges and InsurTech innovation. He have more than 20 years of complex commercial insurance experience in senior executive positions.

Garrett Koehn

Mr. Koehn was also a partner in 4 successful buy/sell private equity transactions and is a frequent speaker on innovation in Insurtech and Cyber Insurance in particular.