Recent advancements in cyber insurtech have improved the underwriting process, enabling quick quote generation and better access for brokers. Zyber’s platform extends these benefits directly to end-user customers, providing a fast and efficient way to secure cyber insurance. The development marks a significant advancement in digital brokerage services, enhancing accessibility and ease of use for businesses seeking cyber insurance coverage.
According to the latest FBI Internet Crime Report, 2023 saw a significant increase in cybercrime complaints, leading to potential losses exceeding $12.5 billion in the United States. “Phishing” topped the list of reported complaints, with cybercriminals using deceptive emails or texts to trick individuals into revealing sensitive information.
In today’s digital environment, it is essential for business owners to invest in robust cybersecurity measures and provide digital literacy training for their employees. The rise of artificial intelligence is also being leveraged by malicious actors to enhance their deceptive tactics, increasing the risk of cyber-attacks.
In light of these threats, having Cyber Insurance is crucial as a last line of defense. However, many startups and midsize companies still lack adequate cybersecurity measures and do not have a cyber insurance policy in place.
Zyber Insurance, merging insurance expertise with advanced technology, has introduced its first product: Cyber Insurance. Zyber’s online platform uses API digital integration with insurers to deliver quotes to customers within minutes. While the platform streamlines the process, a human touch remains essential due to the complexities of Cyber Insurance. For instance, certain high-risk entities like Digital Health startups might not receive an instant online quote, prompting Zyber to provide personalized service to find specialized solutions.
Commenting on the launch, Amri Tarsis, CEO of Zyber Insurance said: “As a founder of a technology startup myself, I understand the importance of cyber protection. Nowadays, We can activate a Web Application Firewall in minutes, but we can’t have the same efficiency in obtaining Cyber insurance because it’s still not widely available for insureds via online channels,”
Tarsis continued: “A cyber attack could potentially lead to the downfall of your business. It is crucial to prioritize cyber security and have a solid plan in place to address any incidents that may arise.”
He added: “Finding the right combination of cyber security measures and insurance coverage is key to ensuring the safety and longevity of your business.”
