The firm specialises in offering AI-driven cyber risk insights for small to large enterprises worldwide, and their collaboration with MAPFRE aims to leverage their solution insights to reinforce the cybersecurity of SMEs while enhancing MAPFRE’s knowledge of cyber risk during subscription and renewal of cyber insurance.
Through the integration of Cyberwrite’s solution, MAPFRE reaffirms its commitment to these businesses, aiming to elevate their cybersecurity standards.
The move comes as the cyber threat landscape intensifies for businesses of all sizes, especially SMEs, as revealed by the latest statistics from Statista. The cost of cyberattacks surged to $8.44tn by the end of 2022 and is projected to triple to $23.84tn by 2027.
Cyberwrite will provide MAPFRE with a cyber insurance risk platform tailored for SMEs, integrating real-time cyber risk analysis using its advanced 4SEEN algorithm. This AI-driven approach enables instant generation of multilingual reports, empowering the French firm to assess individual SMEs’ risk levels and guide them in fortifying cybersecurity gaps.
Nir Perry, CEO and Founder at Cyberwrite, said, “Many small businesses just can’t afford effective cybersecurity programs, so they don’t have the resources to protect themselves and don’t understand the risk. 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.”
Óscar Taboada, Head of Underwriting Europe & Head of Cyber at MAPFRE RE, said, “For an SME, a cyber-attack can be catastrophic; at MAPFRE we want to accompany these companies in their cyber-protection strategy and minimise the impact that risks can have on their business. 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.”
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