Category Archives: News

Filippo Passerini, Former CIO of Procter & Gamble, Joins Cyberwrite’s Advisory Board

  • imgWed, 16 Dec 2020
  • imgNir Perry
Filippo Passerini - Cyberwrite

The move powers the company’s global expansion into the supply chain and vendor risk management market offering corporations the ability to calculate their tailored financial cyber exposure to 3rd party relationships.

December 16, 2020 09:00 AM Eastern Standard Time

NEW YORK–(BUSINESS WIRE)–Filippo Passerini, former CIO and President of Global Business Services at P&G, joins the cyber risk modeling firm’s Advisory Board, supporting the company’s global expansion into the supply chain and vendor risk management market.

“Filippo brings decades of experience in IT, data science, innovation, and corporate risk management.”Tweet this

Passerini has over 35 years of IT management experience, and currently serves on the board of multiple traded companies including United Rentals and Integer. At Procter & Gamble, Passerini powered the Global Business Services of the consumer goods giant with innovative models and capabilities. His strategies, principles and ideas have been the subject of numerous books, articles, and Harvard Business Review publications.

“I have been following Cyberwrite’s evolution for some time, and I am excited to support this team of innovators. As a CIO, I have seen first-hand the challenges organizations are facing with cyber risk and the impact it has on business. This platform is a game-changer that enables organizations to assess vendor risks in financial terms, not just scores,” said Passerini.

“We are thrilled to have a top executive of such magnitude joining Cyberwrite,” said Nir Perry, CEO of Cyberwrite. “Filippo brings decades of experience in IT, data science, innovation, and corporate risk management.”

“Many companies struggle with quantifying cyber risk caused by 3rd party relationships due to the use of generic risk scores. This is further compounded by the fact that the same vendor may pose a different risk to different organizations but is scored the same by security risk scoring companies. Using Cyberwrite, companies can quantify risk in financial terms they can understand and act upon, as well as getting a tailored risk analysis for each 3rd party relationship. Generic security scores leave organizations in the dark with regard to business impact and Cyberwrite solves exactly that. Insurance companies have been using our award-winning financial risk models for several years worldwide. We have now made these models available to corporates to enable better 3rd party risk management,” says Perry.

Cyberwrite’s solution enables risk managers to make sense of an immense amount of data related to 3rd parties in an automated manner and to sort the risk according to potential financial damage that may be caused to its operations. The platform is intuitive to use, requires zero-integration, and provides risk benchmarking based on both external and internal data, as well as inherent and residual financial risk analysis of companies worldwide.

About Cyberwrite

Cyberwrite provides cyber risk quantification solutions for corporates worldwide. In 2020, Cyberwrite was awarded the most innovative cyber risk modeling firm by Frost and Sullivan and was named a Gartner Cool Vendor in 2018. Cyberwrite’s technology is also used by multiple insurance companies to underwrite the impact and potential financial damage of cyber-attacks on businesses of all sizes. The platform is available in multiple languages.

Munich Re’s HSB renews Cyberwrite risk platform subscription

  • imgMon, 28 Sep 2020
  • imgNir Perry
HSB Provides Tailored Cyber Insurance with Cyberwrite's Cyber Risk Analytics Platform

NEW YORK, Sept. 23, 2020 — Cyberwrite, a leading cyber risk analytics firm, and HSB announced today that HSB is renewing its subscription to Cyberwrite’s cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the US.

Amid the dramatic increase in remote workforces and rise in cyberattacks since the start of the COVID-19 pandemic, cyber insurance, which protects businesses against the financial damages of cyber risks, is expected to reach $8 billion in annual premiums by the end of 2020.

Cyberwrite mitigates this gap by providing the capability to quantify, benchmark, and mitigate the financial cyber risk posed to businesses across industries. The cyber risk analytics platform is based on proprietary AI and machine learning algorithms developed by the company as well as state of the art threat intelligence and attack surface mapping capabilities. Cyberwrite’s platform helps businesses globally to quantify the potential damages of cyber risks and provides recommendations for mitigation before they materialize. The Cyberwrite platform also enables insurance carriers to underwrite cyber insurance policies in real-time and manage risk aggregation and accumulation.

The platform requires zero integration which enables fast adoption and is available in multiple languages including Japanese, Portuguese, Italian, and more. 

As part of the agreement with HSB, Cyberwrite has tailored its predictive algorithms to the HSB cyber insurance policy for optimized accuracy. HSB’s Cyber Suite and Total Cyber coverages offer a comprehensive cyber insurance program to provide protection from a wide range of cyber risks. As part of this value proposition, Cyberwrite delivers a simple to understand one-page risk report for the following coverages which HSB offers including benchmarking to industry peers:

  • Data compromise response expenses
  • Data compromise liability
  • Identity recovery
  • Computer attack including business interruption
  • Misdirected payment fraud
  • Computer fraud
  • Cyber extortion
  • Network security liability
  • Electronic media liability

“We are delighted to renew our engagement with HSB for the Cyberwrite cyber analytics platform. Cyberwrite has provided HSB with a tailored solution to HSB’s Cyber Suite and Total Cyber policies to provide businesses with a tailored cyber risk report that reflects their risks and financial exposure to cyber-attacks.” said Nir Perry, CEO of Cyberwrite.

Rami Parient, Chief Data Scientist at Cyberwrite added: “The lack of data and advanced models required to quantify the financial impact of cyber risk is an issue for companies worldwide. For this reason, our financial cyber risk quantification and benchmarking technology is fundamental for the insurance industry and decision-makers everywhere when dealing with cyber risk.”

Steve McWilliams, Cyber Risk Services Manager at HSB, concluded: “Cyberwrite has been a great partner to work with and they have a solid understanding of the cyber risks that all businesses face in today’s world. Their platform helps us to quantify and manage our cyber risks across HSB’s portfolio of customers.”

About HSB
Hartford Steam Boiler (HSB), part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services.

HSB insurance offerings include equipment breakdown, cyber risk, specialty liability, and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150 year history, HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Connect with HSB on LinkedInTwitter and Facebook.

About Cyberwrite
Since 2017 Cyberwrite’s AI solutions have enabled corporations worldwide to assess and quantify the risk and financial impact of cyberattacks on businesses. The company was founded by cybersecurity and insurance industry veterans and is backed by VC firms SpeedInvest, Plug&Play, and 500startups. Cyberwrite has offices in New York and in Tel Aviv, Israel. For more information visit www.cyberwrite.com.

Cyberwrite Awarded Most Innovative Cyber Risk Modeling Technology Firm by Frost & Sullivan.

  • imgTue, 18 Aug 2020
  • imgNir Perry
Cyberwrite Awarded Most Innovative Cyber Risk Modeling Technology Firm by Frost & Sullivan.

Cyberwrite’s predictive analytics algorithms calculate the likelihood of a cyberattack specific to the company and predicts the type and amount of financial losses resulting from a cyberattack.

ANTA CLARA, Calif., Aug. 18, 2020 /PRNewswire/ — Based on its recent analysis of the global cyber risk modeling market, Frost & Sullivan recognizes Cyberwrite with the 2020 Global Technology Innovation Leadership Award for its real-time, on-demand Cyber Risk Quantification & Mitigation Platform. The company’s proprietary machine learning (ML)-based algorithms and actuarial science-powered solutions enable real-time and on-demand cyber risk analysis and financial impact assessment using advanced algorithms and a simple-to-understand reporting system suitable for businesses of any size. Cyberwrite’s software-as-a-service (SaaS) solution assesses cyber threats and exposure to first- and third-party cyber risks while proactively enabling data-driven decisions regarding cybersecurity improvements. The technology supports the cyber profiling of businesses of all sizes, including small- and medium-sized businesses (SMBs) and micro-companies.

Cyberwrite

“In addition to customer-specific data which is monitored and collected in real time, Cyberwrite’s risk models also consider the external and inherent risk factors of a company, including its geography, sector, and operational risks, enabling an analysis of the actual risks posed to the company, not just technical-driven risks offered by legacy cyber risk solutions. Even if a company is not in the pool of companies Cyberwrite has already profiled, it can be added within minutes by any non-technical user, and a simple-to-understand report, including projected financial damages and risk scores, is delivered in real time. It is one of the few solutions that can also profile micro-companies and provide them with a financial loss estimation, even if a company does not have an online presence,” said Vinay Venkatesan, Program Manager at Frost & Sullivan. “Furthermore, as Cyberwrite’s ML technology can include new and updated risk scenarios, its platform remains accurate and relevant over time as cyber risks continue to evolve.

Cyberwrite’s solution automatically collects data from the Internet related to attack surface, the dark web, and proprietary cyber risk and digital risk-based data related to each entity, which is used as classifiers in its exclusive ML models and translated into benchmarked risk scores to similar industry peers, providing visibility of the company’s risk levels for each risk type. In addition, Cyberwrite utilizes data related to historical cyber damages and current regulatory fines and risks that organizations have to manage to construct a comprehensive cyber risk benchmarking report used for use cases, such as cyber insurance, supply chain vendor risk management, and financial analysis of cyber risks for companies of any size.

The multi-lingual platform available in five languages is used worldwide by corporations and insurance companies to assess cyber risks posed to their clients. Multiple insurance firms utilize Cyberwrite’s platform and application programming interfaces (APIs) to underwrite cyber insurance policies for SMBs and corporations in real time and to enable their agents and brokers to explain financial risks to customers for engagement purposes in a simple manner. Moreover, the platform is used for managing aggregated risks on different books of business. By assessing and scoring risks using the advanced algorithms verified by the insurance industry, the solution now enables corporations requiring a third-party vendor risk analysis to understand their exposure to both financial and technical cyber risks.

“As a company operating in an emerging market, Cyberwrite understands the challenges in gaining customers’ trust while providing accurate and actionable data on an ever-evolving environment,” noted Venkatesan. “With its innovative, unique technology-driven solutions, it allows clients to identify financial risks, mitigate those risks in an actionable manner, and understand the potential impact of a cyber incident and budget remediation actions.”

Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Kristen Moore
P: 210.247.3823
E: kristen.moore@frost.com

About Cyberwrite
Since 2017 Cyberwrite’s AI solution have enabled corporations worldwide to assess and quantify the probability and financial impact of cyberattacks. The company was founded by cyber security and insurance industry veterans and is backed by VC firms SpeedInvest, Plug&Play and 500startups. Cyberwrite has offices in New York and in Tel Aviv, Israel.  For more information visit www.cyberwrite.com.

SOURCE Frost & Sullivan


Cyberwrite Awarded Most Innovative Cyber Risk Modeling Technology Firm by Frost & Sullivan.

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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.