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CyRisk Releases Innovative Privacy Risk Insights platform to Tackle Steep Increase in Privacy Related Claims

CyRisk Releases Innovative Privacy Risk Insights platform to Tackle Steep Increase in Privacy Related Claims

CyRisk Inc.—a leading cyber risk management and data analytics company dedicated to delivering best in class cybersecurity and compliance risk analytics solutions to the insurance industry and their policyholders—is pleased to announce the release of its Privacy Risk Insights solution for insurers.

February 8th, 2024 - As the number and size of privacy claims received by cyber insurers rapidly increases, CyRisk, a trailblazer in cyber risk management and data analytics, is proud to introduce its latest innovation, Privacy Risk Insights Underwriting solution. Leveraging cutting-edge artificial intelligence tailored specifically for cyber insurance underwriting, this solution delivers unparalleled privacy risk insights and analysis of policyholder exposures, providing both underwriters and policyholders with easy-to-understand privacy risk quantification and loss control.

CyRisk's Privacy Risk Insights offers the most complete privacy risk analysis, detecting over a thousand privacy signals that identify insureds' legal and regulatory privacy exposures. CyRisk analyzes your policyholders' digital assets and identifies not only advertising and marketing technology privacy risks, but also biometric, genetic, and other regulated data types that have led to privacy related data breaches, class action litigation and significant financial penalties and settlements. The solution places a special focus on evaluating the effectiveness of mitigating controls related to privacy technologies, promoting a proactive approach to risk management.  Additionally, CyRisk’s AI-based policy analysis identifies mitigating controls, transparency, disclosures, and legal liability, offering a comprehensive view of the privacy risk and exposure of a potential policyholder.  The privacy risk insights solution gives insurers a holistic and cutting-edge tool to address the evolving challenges in the cyber insurance industry by arming underwriters and brokers with visibility to both privacy exposure and residual risk, CyRisk’s privacy underwriting solution ensures a streamlined insurance transaction process without adding unnecessary delays to insurance transactions.

"CyRisk's Privacy Risk Insights solution marks a significant milestone in the evolution of cyber insurance underwriting. We understand the challenges posed by the dynamic privacy landscape, and our solution empowers both underwriters and policyholders with actionable insights to important and increasing exposures," said Ben Goodman, CEO and Founder at CyRisk.

CyRisk provides innovative solutions that redefine standards in the cybersecurity industry. The Privacy Underwriting Solution represents our commitment to delivering cutting-edge technologies that address the evolving needs of the market. For more information about CyRisk and its Privacy Underwriting Solution, please visit www.cyrisk.com  or contact:   Kim Manibusan @ kim@cyrisk.com