Insurtech In Focus – Cybrisc (ITUS Secure Technologies)
Welcome to the fourth edition of our ‘Insurtech in Focus’. The purpose of this series is to illustrate the cutting edge, problem focused and transformative offerings of our Insurtech startups and how Insurtechs and the wider industry are collaborating to deliver innovation for the sector. In this issue we showcase the Cybrisc offering.
Cybrisc offer Smart Real Time Cyber Risk Monitor Assessment / Validation. The solution could simply be described as Telematics” for Cyber Cover. The firm has identified Cyber as a major threat to SME segment generally. Current rating and questionnaires are blunt instruments, open to interpretation with little distinction between “good” and “bad” risks.
Cybrisc look to revolutionise this approach with Real Time Holistic Risk Dashboard encompassing a wide range of key Cyber security metrics. This feed is available to Insurers to review Dashboard and client responses and compliance with parameters set out in Cyber policy for that entity.
There are many use cases for the offering some of which include:
• Allows clients to adopt true Risk Management approach to Cyber.
• Best Practice Cyber Certification which could become a required standard for 3rd party suppliers to hold in order to supply host firm (Cyber risk often lies in 3rd party suppliers / customers)
• Line of sight for Clients and Insurers to identify vulnerabilities and adopt best Cyber security processes and compliment Cyber Insurance Policy
• Real Time monitoring of processes & parameters
• Allow for accurate risk based pricing of Cyber Insurance policies.
The Cybrisc team have enjoyed considerable success to date participation in the Enterprise Ireland Starup Showcase 2020 and were the Ireland Country Winner in Zurich Innovation Championship 2020.
Cybrisc was founded by Clare Ryan and Pauly Daly. Clare has more than 10 years’ experience in leadership and problem solving having worked in the public and private sectors. She is passionate about creating simplified solutions to complex problems, particularly when it comes to technology. She is a small business champion and is focused on customer centricity. Paul brings more than 15 years of experience in working with SMEs to the team. Pauls integrity and efficiency in providing IT solutions and services has been a fundamental trait which is core to our technology. He has extensive experience in software roll out and operations.
What is in store / Find out more?
Over the next 12 months, ITUS plans to roll out a series of trials through their current customers and with some key agencies including security software resellers and insurance providers. They plan to embark on a Seed round of funding also. If you would like to find out more about Cybrisc and how their solutions could add value to your operation please do not hesitate to contact the Insurtech Network Centre on Aidan.Mahon@itcarlow.ie or 087 761 8574.