This week we are highlighting the startup, Cyence. This startup’s mission is somewhat more focused than most.
Cyence is a subsidiary of Guidewire and their product is called “Guidewire Cyence™ Risk Analytics”. It is a cloud-native economic cyber risk modeling solution built to help the insurance industry quantify cyber risk exposures.
Leaders across the insurance industry use Cyence Risk Analytics to prospect, underwrite, and price risks. It enables insurers to manage portfolio exposure accumulations and develop new products with confidence.
Cyber risk can be modeled using game theory and behavioral economic frameworks. Their models measure company and portfolio risk by examining company posture and comparing it to bad actor motivations and capabilities.
In short, cyber risks call for better tools for underwriting, pricing, and management. These tools need to account for the shifting threat landscape and measure cyber catastrophe exposures in terms of dollars and probabilities.
If you underwrite cyber risk this startup is worth contacting. To do so join eCONNEX and find them listed under Cyber Risk.