Cyberattacks are expensive. Cybersecurity is vital. In 2022 for small and medium-sized enterprises (SMEs), the average cost of an attack was $3.6 million, according to IBM’s 2023 Cost of a Data Breach Report. This was up from $3.1 million in 2021.
To enhance cybersecurity for SMEs, MAPFRE, a leading Spanish insurer, has partnered with Cyberwrite, a global provider of cyber insurance technology. The collaboration aims to leverage artificial intelligence (AI) solutions from Cyberwrite to offer real-time cyber risk insights.
The focus on the SME segment is crucial, given the rising cybersecurity threats affecting businesses of all sizes. Statista reports the cost of cyberattacks reached $8.44 trillion by the end of 2022. Projections see a threefold increase to $23.84 trillion by 2027.
Artificial Intelligence
Cyberwrite’s 4SEEN® algorithm employs AI to deliver on-demand cyber risk analysis. The technology enables the rapid generation of multilingual reports, comparing companies globally, assessing regulatory gaps, and quantifying potential financial losses.
MAPFRE’s commitment to SMEs is emphasized through this collaboration, particularly in regions like Iberia and Latin America. The partnership underscores the insurer’s dedication to providing comprehensive cyber protection for businesses facing increasing digital threats.
Nir Perry, CEO and Founder at Cyberwrite, highlights the significance of the collaboration, noting that many small businesses lack the resources for effective cybersecurity. Cyberwrite’s data analytics and risk reports empower MAPFRE and its clients with actionable insights, aiding in understanding and mitigating cyber risks.
“Many small businesses just can’t afford effective cybersecurity programs, so they don’t have the resources to protect themselves and don’t understand the risk,” said Nir Perry, CEO and Founder at Cyberwrite. Cyberwrite’s data analytics and risk reports hope to empower MAPFRE and its clients with actionable insights, aiding in understanding and mitigating cyber risks.
Key risk factors analyzed by Cyberwrite include open ports, obsolete technologies, encryption practices, and exposure of credentials on the dark web. These insights facilitate MAPFRE in tailoring cyber insurance coverages, encompassing financial theft, fraud, cyber extortion, data loss, privacy breaches, business interruption, incident response, regulatory compliance, and third-party liability.
Óscar Taboada, Head of Underwriting Europe & Head of Cyber at MAPFRE RE, stresses the significance of proactive cyber protection for SMEs. With Cyberwrite, MAPFRE aims to advance its evaluation, monitoring, and control of cyber risk, providing teams with valuable data-driven insights for informed underwriting decisions.
“With Cyberwrite, we are taking a leap forward in the evaluation, monitoring, and control of cyber risk, obtaining insights that are very useful for the teams to make data-driven underwriting decisions,” said Taboada.
Source: MAPFRE and Cyberwrite join forces to promote cyber protection for SMEs with AI
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