Company: Kovrr
CEO and Founder: Yakir Golan
Website: https://kovrr.com/
About Kovrr
Kovrr began the cyber risk quantification journey in the insurance industry by providing the largest insurers and reinsurers with cyber risk models. At first, these models were used to help them underwrite cyber risk. However, it quickly became clear that the larger pain point for the insurance industry was understanding accumulated cyber risk within portfolios.
We introduced our unique methodology of grouping risks via CRIMZON, a framework that takes into account location, industry and company size. Our in-depth research provided empirical data that showed insured companies with common characteristics related to location, industry, and entity size tend to be exposed to similar types of cyber events because these elements also correspond to technologies or service providers used.
This framework was widely adapted by the insurance industry as a quick yet comprehensive way to view risk. Working with the largest insurance providers has had a significant impact on our approach to cyber risk quantification and process for validating losses that arise from cyber events.
The cyber risk model developed for the insurance industry has been run on hundreds of portfolios, allowing for analysis of hundreds of millions companies globally.
After several enterprises approached Kovrr with various requests to assist their quantification efforts regarding data collection and modeling, we officially expanded into the enterprise market, with the launch of our on-demand platform.
Kovrr’s cyber risk quantification platform is designed to enable enterprise decision-makers to comprehensively manage their cyber risk exposure by empowering them to seamlessly drive actionable, financial quantified cyber risk decisions, on-demand.
From cyber security investments to risk transfer decisions, Kovrr’s platform is built to ensure optimal returns on cybersecurity investments that strengthen a business’ resilience to cyber attacks and third party service provider failures.
The platform transforms cyber security data into financially quantified cyber risk management decisions, leveraging the same advanced cyber risk models and technologies trusted by cyber insurers and reinsurers worldwide.
By using the platform, decision makers are able to make multiple decisions such as:
Communicate Cyber Risk to the Board in Financial Terms
Enhance the board and C-Suite’s decision-making process by financially quantifying cyber risk.
Justify Cybersecurity Investments
Prioritise cybersecurity investments that maximise risk reduction.
Optimise Cyber Insurance and Risk Transfer Placements
Identify gaps between risk mitigation options and cyber insurance spending to maximise your risk management decisions and strengthen business resilience.
Measure ROI of Cyber Security Programmes
Assess the ROI of your cybersecurity program and stress test it based on potential risk mitigation actions, thereby promoting better resource allocation.
Analyse your Cyber Risk Exposure to Third Party Vendors
Financially quantify cyber risk within your supply chain. Gain insights Into third and fourth party exposure.
Meet Governance, Risk & Compliance Standards
Meet increasing demands from regulators to continuously quantify and manage cyber risk exposure.
