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.
“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.
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Since 2017 Cyberwrite’s AI solution (cyberwrite.com) has enabled corporations worldwide to assess and quantify the probability and financial impact of cyberattacks. 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.