MAPFRE and Cyberwrite: Transforming SME cyber protection with AI

Insurance
30/11/2023 News

In a transformative partnership, MAPFRE, a leading Spanish insurer, has teamed up with Cyberwrite to enhance cybersecurity for small and medium-sized enterprises (SMEs) using Artificial Intelligence (AI).

Cyberwrite, an AI-driven cyber insurance solutions provider, offers real-time global insights. This collaboration aims to leverage Cyberwrite's solution to fortify SMEs' cybersecurity and provide MAPFRE with precise risk intelligence during cyber insurance subscriptions and renewals.

With SMEs increasingly vulnerable to cyber threats—projected to triple to $23.84 trillion by 2027 according to Statista—this partnership takes on strategic significance.

The 4SEEN algorithm, powered by AI, delivers on-demand cyber risk analysis through multilingual reports. These reports include industry benchmarking, regulatory gap analysis, and financial quantification of potential losses, enabling MAPFRE to tailor cybersecurity measures and insurance conditions based on the unique risk profile of each SME.

Risk factors analyzed by Cyberwrite include open ports, obsolete technologies, poor encryption practices, and exposure of credentials on the dark web. The solution seamlessly links these risks with typical coverages, from financial theft to cyber extortion and data loss.

Nir Perry, CEO and Founder at Cyberwrite, emphasizes the collaboration's role in addressing the resource gap in cybersecurity for small businesses. The partnership provides digestible information about cyber exposures and AI predictions that help users interpret findings from a cyber insurance policy perspective.

Óscar Taboada, Head of Underwriting Europe & Head of Cyber at MAPFRE RE, underscores the commitment to SMEs: "For an SME, a cyber-attack can be catastrophic. At MAPFRE, we want to accompany these companies in their cyber-protection strategy."

With this collaboration, MAPFRE aims to advance its capabilities in evaluating, monitoring, and controlling cyber risk, making data-driven underwriting decisions to meet the evolving needs of SMEs in the digital age.

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