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The lack of actuarial data and the unpredictability of cyber risks have many insurance companies wary of jumping head first in the cyber insurance game. While most of the major players have already entered the field, contributing to an estimated $2.75 billion market, there are also fears that a catastrophic attack on multiple organizations could single-handedly cripple an insurance company. To combat this underwriting issue, Tel Aviv-based startup Cybewrite is currently developing a platform to help underwrite cyber insurance policies.

By providing the underwriter with the proper information and tools, he or she can make “data-driven” and “evidence-based” decisions when offering cyber coverage to businesses. “We translate cybersecurity-related data we collect from various sources using our innovative tools and algorithms into cyber insurance policy recommendations in an agile, scalable and cost-effective manner,” said Nir Perry, CEO and founder of the company. “We do so using a combination of big data tools and unique cyber know-how.” The underwriter can, in return, use the tools to guide their client on the coverage that best fits their needs and price range. Cybewrite is a cloud-based platform that collects customer specific and industry data that helps identify specific levels of risk, which can help craft the cyber insurance policy, Perry explained. The company plans to launch Cybewrite in the beginning of 2017.

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