TEL AVIV, ISRAEL--(Marketwired - Apr 19, 2015) - Cytegic, a developer of cybersecurity management and intelligence solutions, today announced a new product offering specifically developed for the insurance industry. The Cytegic Cyber Maturity Assessment (CyMA™) product has been optimized for insurance providers to help them conduct secure and accurate frictionless customer maturity assessments prior to offering insurance policies to their prospects.
Cyber insurance is increasingly required for many organizations seeking to offset the risks posed by potentially harmful cyber activity from outside hackers or insider threats. The challenge insurers face is the need to quickly and accurately assess the cyber-security readiness of a potential customer prior to agreeing to insure them. The methods used today rely on a simplified, manual questionnaire which provides little insight and visibility to the insurer regarding the actual cyber maturity. Conducting a more in-depth survey of the customer relying on vulnerability management tools is simply too expensive and lengthy, leaving insurers with no choice but to offer partial coverage or expensive policies, which exclude many smaller, potential customers from purchasing much needed cyber insurance.
"Unlike simplified questionnaires which provide little insight regarding overall maturity, Cytegic's frictionless, objective, and data-driven ratings of a company's cybersecurity maturity provides more accurate assessments," said Shay Zandani, Chief Executive Officer for Cytegic. "Cytegic's CyMA lets insurers conduct multiple assessments with a measure of detail that allows them to offer cyber insurance policies to more customers at a more competitive price. We offer this capability as a service to underwriters through one vendor, and believe more underwriters will use this tool to help them offer better cyber-insurance policies as many companies as possible."
Relying on "indicators of maturity" methodology instead of expensive and time-consuming vulnerability assessment, Cytegic is able to conduct a frictionless assessment of the maturity of a potential customer faster and more accurately. The customer is provided with a secured link to complete a questionnaire, which automatically feeds into CyMA™, which then translates the detailed information into organization wide maturity assessment metrics.
Key benefits for insurers:
- Lower cost of customer assessment: Cytegic semi-automatic, frictionless assessment method accurately assesses multiple potential customer with minimal cost per assessment.
- Unbiased results regarding customer maturity rating: provides competitive insurance policies to customers whose assessment indicated high maturity ratings.
- Ability to re-assess the customer during the coverage period: Insurers can re-assess the customer readiness/maturity at any time to make appropriate adjustments to the policy to adapt changing threat landscape and changes in the customer's IT infrastructure.
Cytegic will be presenting its products at the 2014 RSA conference in San Francisco, April 20-24, 2015. For more information, please visit http://www.cytegic.com.
Based in Tel Aviv and founded in 2012, Cytegic is led by a renowned team of cybersecurity and risk assessment experts. CEO Shay Zandani founded the Israeli Air Force's Information Warfare department, and Executive Chairman, Ambassador Carmi Gillon, is Former head of Shabak, Israel's domestic intelligence agency. Customers include Amdocs, PwC and some of Israel's largest banking institutions. For more information visit www.cytegic.com.