Corvus Insurance, which helps brokers and policyholders better predict and prevent complex risks, has updated its cyber underwriting to improve policies for those with security measures in place.
Its Smart Cyber Insurance policy protects a business for losses incurred due to phishing, spear phishing, and other criminal deception tactics, often deployed through emails. These types of human interaction-based attacks are typically labelled as social engineering cybercrime.
The updated underwriting has given higher limits for social engineering and cybercrime coverage and will automatically give this upper limit to those utilizing email authentication services and other email security characteristics.
Through the Corvus Scan, the platform assesses an organisation’s cyber risk posture within minutes which is then used to offer relevant cover. The updated model gives a limit of $1m to those taking effective steps to combat social engineering attacks.
Corvus director of data science Chris Hedenberg said, “Organizations of all types, from municipal governments to tech companies, are realizing that the social engineering problem is not going away, and the consequences of being hacked are increasing as digital technology becomes central to business operations, even in sectors that were slow to adopt it.
“The Corvus Scan can help those organizations get the credit they deserve for taking steps to prevent adverse events.”
The InsurTech has opened four offices this year to support its quickened growth. It now has offices in Boston, Atlanta, Dallas, Los Angeles, New York City, and Chicago.
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