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Shay Simkin, CEO of Howden Broking Group Israel and head of its Global Cyber Practice, claims the global cyber insurance industry is preparing to experience unprecedented growth.  From 2013 to 2015 the cyber insurance industry has grown from $150 million to $3 billion and is expected to grow to $65 billion to $85 billion by 2020.  As the industry grows, however, it faces the continuing problem of failing to create insurance products that sufficiently address the rapidly evolving threat of cyber-attacks.  Because people are connected online, threats are everywhere and may even by accidental, making it harder to insure and access premiums.  This is why Simkin claims that Genome Technologies, out of Tel Aviv, Israel, is so important to the industry.

Unlike other cyber security companies, Genome Technologies focuses on the reactive view and the human aspect of cyber security.  This means that instead of only focusing on outside risk, Genome focuses on inside risk as well, which has recently become a large problem because employees are well connected.

Drake Resources has agreed to acquire Genome for $11 million.  After the acquisition, more than 518 million shares in Drake will be given to the vendors in a reverse takeover of Genome.

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