A Breed Apart…
Our leadership team brings a wealth of knowledge and experience in insurance underwriting, technology, finance, engineering, and pre and post breach solutions, dedicated to delivering tangible solutions to both the insurance industry and the small to mid-size business community.
Our mission is to become the industry standard in providing the technical solutions and the support systems for the ever-increasing challenge of cyber risk management and liability insurance.
CyberTiger was developed with and for the insurance industry to provide meaningful “Business Intelligence” to the agent, carrier and business along with a “Cyber Score” for insurance underwriting, facilitating and simplifying the process for insurers and the 28 million small to mid-size businesses in the U.S in need of Cyber liability insurance.
Know Your Risk Or Be At Risk…
The consensus amongst data security experts is that no matter THE size or scope of a business, a data breach is inevitable.
“We’re now in a mode where these attacks are going to happen even to businesses that are well prepared. It’s about being able to respond when the inevitable happens.”, Caleb Barlow, vice president at IBM Security
IBM’s CEO On Hackers: “Cyber crime is the greatest threat to every company in the world.“, Ginni Rometty, IBM’s Chairman, President and CEO
There’s a problem…
- Almost 50 percent of small businesses have experienced a cyber attack.
- More than 70 percent of attacks target small businesses
- Only ten percent of small to mid-size businesses have Cyber Liability Insurance
- There’s no realistic cyber model to identify risks from a loss forecast or underwriting perspective
- Incomplete or inaccurate information could cause the carrier to decline coverage at time of loss
- Agents and businesses lack the necessary technical expertise
- Sparse applications and open-ended questions make it difficult to quote
- The very technical nature of the questions often cause a business to delay or abandon the effort
- There is a lack of understanding and commitment from upper management
- Agents, unable to affectively assess a businesses cyber risk and communicate the associated liability, tend to write policies with low rates and minimal coverage that in effect would not cover the cost when a breach occurs.
There’s a Solution…
- A Patent pending assessment tool that identifies and measures cyber risk specific to cyber liability insurance underwriting.
- Simplifies and streamlines the application process for the business while identifying deficiencies in their overall cyber security
- Provides a “Cyber Score” for insurance underwriting and becomes the standard for scoring, pricing and quoting, eliminating the outmoded application process
- CyberTiger will also provide practical advice on how to improve the score and mitigate cyber risk in real-time, along with multi-level support in terms of verification, audit and physical security check lists
- Developed with and for the insurance industry to provide an intuitive interface “The Portal” between the customer and insurance carrier along with critical Business Intelligence by means of the “BI” Dashboard
Cyber liability risk assessment and scoring for cyber liability insurance underwriting.
The CyberTiger Liability Risk Assessment focuses on people, capital, technology and operating procedures, the value of information and the costs involved if that information gets destroyed, stolen, or otherwise compromised.
The survey is divided into nine sections comprising information from across the business spectrum:
- Business Profile
- Information Security
- Network Security
- 3rd Party Vendor Management
- Hardware / Software
- Mobile Devices
- Disaster Recovery / Business Continuity Plan
Benefits of a CyberTiger Liability Risk Assessment for a business/ organization:
- The CyberTiger Liability Risk Assessment focuses on the value of information and the costs involved if that information gets destroyed, stolen, or otherwise damaged.
- Additionally, costs are defined in strategic terms like lost revenue, public relations efforts needed to restore brand image, and defending against lawsuits.
- When the potential losses are known for various types of attack they can be managed like any other typical business decision regarding risk.
- This then becomes a systematic review and discussion between the technical specialists and the executive leadership to make good decisions together using the liability risk assessment as a common point of reference.
Benefits of a CyberTiger Liability Risk Assessment for a insurer / underwriter:
- CyberTiger is singularly focused on the “Cyber Liability Insurance” underwriting market for the small to medium-sized business.
- Simplifies and streamlines the application process for both the insurer and business.
- Produces a “Cyber Score” for insurance underwriting based on a proprietary algorithm and analytics, along with the most comprehensive and widely used cyber insurance questionnaires/applications.
- Enables insurer to act as a customer advocate by identifying cyber security deficiencies while providing practical advice on how to improve the score.
- Equips the customer and the carrier with an intuitive interface “The Portal” along with business intelligence “Dashboard”.
- Enables insurer to properly assess risk and communicate coverage without technical expertise.
- Insures adequate liability coverage based on comprehensive assessment and analytics.
Ransomware spiked 6,000% in 2016 and most victims paid
On average, the cost of a breach has risen to $4 million per incident
10% of small businesses have cyber insurance
66% of small businesses go out of business six months after a breach
70% of attacks target small businesses
In the News
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- Warning for UK businesses after Dutch GDPR fine
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- World expert warned of HSE cyber attack in December
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- US pipeline ransomware attack serves as fair warning to persistent corporate inertia over security
- Local experts discuss the pipeline attack and personal cybersecurity
- CISA: Do Not Pay Ransomware
- Sector training, further investment required in Australian Budget - A/NZ cybersecurity vendors
It’s a jungle out there.
We would be happy to guide you through the brush and chat with you about cyber assessment, and how CyberTiger supports and promotes the Cyber Liability Insurance market.
6060 South Aviation Ave, Suite 109
North Charleston, SC 29409