MAPFRE and Cyberwrite, two leading players in the insurance and cyber risk analytics sectors, have announced a strategic partnership. Together, they aim to enhance risk mitigation and insurance underwriting for small and medium-sized enterprises (SMEs) by leveraging the power of artificial intelligence (AI). This collaboration comes at a time when cyberattacks are on the rise and SMEs are particularly vulnerable.
Traditional underwriting methods often rely heavily on self-reported information, which can provide an incomplete picture of a company’s cyber posture. This is a significant concern given that the cost of cyberattacks is expected to triple to $23.84 trillion by 2027, according to Statista. To address this issue, MAPFRE and Cyberwrite are leveraging AI technology to offer a more comprehensive and accurate assessment of cyber risks.
Cyberwrite’s platform, powered by its proprietary 4SEEN algorithm, scans a company’s digital footprint in real-time, including its IT infrastructure and online presence. It generates detailed cyber risk reports that go beyond identifying vulnerabilities. These reports highlight specific areas of weakness and predict potential attack vectors, empowering SMEs to prioritize their cybersecurity investments and strengthen their defenses where they matter most.
Nir Perry, CEO and founder at Cyberwrite, explains the value of their data analytics and risk reports: Our data analytics and risk reports offer MAPFRE and its customers digestible information about where exposures are, but more importantly AI predictions help users understand what the findings actually mean from a cyber insurance policy perspective in terms of risk and industry benchmark.
This partnership not only benefits SMEs but also provides MAPFRE with a powerful tool to optimize its cyber insurance offerings. By integrating Cyberwrite’s risk assessments into the underwriting process, MAPFRE can offer more accurate premiums tailored to each policyholder’s actual risk profile. This data-driven approach fosters fairer and more affordable premiums for SMEs while enabling MAPFRE to make more informed risk management decisions.
Óscar Taboada, Head of Underwriting, Europe and Head of Cyber at MAPFRE RE, emphasizes the importance of this collaboration in evaluating and controlling cyber risk: By having on-demand access to the analyses, we can better understand the risk associated with each company, and offer products and services in line with their actual needs. 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.
The SME segment is a key focus for MAPFRE in terms of cyber risk, particularly in territories like Iberia and Latin America where it represents a significant portion of the business landscape. This collaboration reinforces MAPFRE’s commitment to these businesses and deepens the value that SMEs place on the cybersecurity insights provided by the company.
In conclusion, the strategic alliance between MAPFRE and Cyberwrite marks a major step forward in enhancing cyber risk mitigation and insurance underwriting for SMEs. With AI-powered risk assessments and comprehensive cyber risk reports, SMEs can take proactive measures to strengthen their cybersecurity defenses. Meanwhile, MAPFRE can offer tailored insurance premiums based on accurate risk profiles, ensuring fairer and more affordable coverage. This partnership exemplifies the growing importance of leveraging AI in the insurance industry to adapt to evolving cyber threats and protect businesses in the digital age.
