Zurich Insurance Group has forged a strategic alliance with cybersecurity firm CYE, launching an innovative service designed to fortify businesses against the escalating threat of cybercrime. Revealed last week, this partnership seeks to address the burgeoning challenge of cyber threats, identified by the World Economic Forum as one of the principal global risks to businesses. The newly introduced Zurich Cyber Security Services combines Zurich’s expertise in cyber insurance and risk engineering with CYE‘s advanced artificial intelligence technology and cybersecurity knowledge.
This initiative aims to cover the entire spectrum of cyber risks, offering businesses a tailored strategy for effective cyber threat management. It leverages CYE’s AI-driven solutions and Zurich’s insurance capabilities, intending to enhance companies’ resilience against cyber incidents. Paul Horgan, head of U.S. Commercial Insurance at Zurich North America, highlighted the company’s dedication to customer-led innovation, with the partnership with CYE marking a pivotal evolution from insurer to strategic risk management ally.
“Boost…Cyber-Defenses”
Sierra Signorelli, Zurich’s Chief Underwriting Officer for Commercial Insurance, commented on the complexity and evolving nature of cyber risks, stating, “Cyber is a very challenging risk for businesses as it is constantly evolving and highly complex.” She emphasized the value of the partnership, “Our collaboration with CYE, a global leader in cybersecurity services, will give customers a state-of-the-art cyber-solution that combines the benefits of insurance with a boost to their cyber-defenses.”
Echoing the sentiment, Reuven Aronashvili, CEO of CYE, expressed his enthusiasm for the joint venture, “We are delighted to work with Zurich Insurance Group. With effective cyber-risk management powered by tailored adaptive continuous risk assessment and cyber-insurance, business executives can drive faster and smarter digital business growth.”
The expectation for customers is that Zurich Cyber Security Services will aid in uncovering and mitigating security gaps. This will protect essential business assets proactively, facilitating improved resource allocation and risk management. Furthermore, companies that procure standalone cyber policies from Zurich will benefit from an extensive, technology-driven risk assessment report aimed at fortifying their cyber defenses globally.
Source: Zurich teams up with global security specialist to expand cyber protection offering as risks grow.
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