Cyber risk is far from static. It’s ever-evolving, erratic and completely at odds with the traditional insurance model.
The risk changes so quickly that accustomed year-long policy periods suddenly become a bit of a gamble. There’s nothing a carrier or broker can know upon policy issuance that will give enough confidence that cyber exposures will not evolve within the course of the policy. A vulnerability crops up two months into the policy period, and many companies simply have to carry that bad risk on their portfolio for another 10 months.
California-based cyber insurer At-Bay is working hard to counteract that problem. Its cyber security research and modeling approach predicts future risks based on emerging threats. The company is always scanning for new vulnerabilities to help its customers close security holes quickly and avoid loss.
“If we can monitor the security or our clients and proactively scan them for vulnerabilities, we can help them by offering our own in-house experts who can react quickly to a cyber event and avoid losses wherever possible,” said At-Bay founder and CEO, Rotem Iram. “Cyber risk changes all the time….
