Riskaware by Riskassure is a groundbreaking solution in the Cyber Insurance Underwriting space, addressing a crucial deficiency that has long plagued businesses and insurers. In a recent interview with Larry Faragalli, Keith Huckaby, and Duane Tursi, the Founders of Riskassure, the unique nature of their product became clear. The team at Riskassure has developed a two-fold solution aimed at assisting businesses and cyber insurance carriers in working collaboratively to tackle the lack of visibility surrounding sensitive information risk.
The central issue at hand is the inability of businesses to accurately quantify their cyber information risk, understand its value, and identify its location. This lack of visibility makes it challenging for businesses to make informed decisions about the amount of cyber insurance they require, leaving many underinsured and vulnerable to potentially catastrophic cyber events. The team at Riskassure identified a glaring data deficiency within the cyber insurance space, where carriers lack accurate information about their customers’ data footprint, history, and information risk value.
Unlike other lines of business, cyber insurance carriers have limited tangible knowledge about their customers’ data, relying heavily on customer attestation during the underwriting process. This lack of accurate data leads to a disconnect between insurers and their business customers, making it difficult to create relevant and differentiated insurance products that truly meet the needs of the market.
Riskassure’s solution, RiskAware, provides a comprehensive and innovative approach to resolving this data deficiency. By installing RiskAware on their devices, businesses can accurately identify and quantify sensitive information, down to the penny, giving insurance underwriters the ability to offer unique and tailored insurance products. RiskAware also helps businesses optimize their sensitive information footprint, detect anomalous activity, and stay informed about potential security risks in real-time.
In a rapidly evolving digital landscape where cybersecurity threats are on the rise, RiskAware stands out as a proactive solution that empowers businesses and insurance carriers to stay ahead of cyber risks. With the global cost of cybercrime continuing to soar and ransomware attacks becoming increasingly common, the need for robust cybersecurity measures is more critical than ever. RiskAware not only assists carrier underwriters during the underwriting process but also enables business leaders to continuously monitor and manage their sensitive data.
One of the key differentiators of RiskAware is its frictionless implementation approach, delivering results in minutes and hours rather than weeks or months. This rapid time to value sets RiskAware apart from other solutions in the market, making it a more accessible and cost-effective option for businesses of all sizes. Additionally, RiskAware’s granular resolution down to the device level allows for the creation of unique insurance products that cater to the specific needs of each customer.
Looking ahead, Riskassure has ambitious plans for the future, including expanding into the enterprise market, exploring international markets, and enhancing its offerings to provide even greater value to customers. By focusing on user-based cyber hygiene behavior, continuous monitoring, and real-time data analysis, Riskassure aims to revolutionize the cyber insurance industry and set new standards for cybersecurity practices.
In conclusion, Riskaware by Riskassure is a game-changing solution that fills a crucial gap in the cyber insurance underwriting space. With a strong emphasis on data accuracy, visibility, and tailored insurance products, RiskAware is poised to transform the way businesses and insurers approach cybersecurity. The team’s commitment to innovation, user empowerment, and industry partnerships positions Riskassure as a key player in the cybersecurity landscape.