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Insurance gets a Cyber Makeover- CYE and Zurich

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Zurich Insurance Group has created a new offering together with cybersecurity company CYE to shield businesses against the growing risks of cyber-crime.

Zurich Cyber Security Services addresses the full spectrum of cyber-risks by helping businesses define and deploy effective cyber-risk management programs. It combines Zurich’s specialist cyber insurance and risk engineering capabilities with CYE’s artificial intelligence-based technology, services and cyber expertise.

The cyber space is a dangerous source of crime and disruption and one of the top risks for businesses, says the Global Risks Report published by the World Economic Forum in partnership with Zurich. As cyber-attacks increase in severity and frequency, companies can make themselves more resilient by strengthening risk strategies for cybersecurity and insurance.

“As a truly customer-led organization, innovating for our customers to address their needs is at the center of everything we do,” said Paul Horgan, head of U.S. Commercial Insurance for Zurich North America. “We don’t just provide insurance products. We are increasingly becoming strategic risk management collaborators. Adding CYE to our services is just our latest example of how we are doing that.” 

“Cyber is a very challenging risk for businesses as it is constantly evolving and highly complex,” said Sierra Signorelli, Chief Underwriting Officer, Commercial Insurance at Zurich. “Our collaboration with CYE, a global leader in cybersecurity services, will give customers a state-of-the-art cyber-solution that combines the benefits of insurance with a boost to their cyber-defenses.”

Reuven Aronashvili: CEO of CYE, added: “We are delighted to work with Zurich Insurance Group. With effective cyber-risk management powered by tailored adaptive continuous risk assessment and cyber-insurance, business executives can drive faster and smarter digital business growth.”

The benefits of Zurich Cyber Security Services include closing unknown security blind spots, reducing the risk and impact of security incidents, ensuring proactive protection of critical business assets, and appropriate budget and resources allocation. Zurich Cyber Security Services is available to companies globally.