GENERALI launches its fully-dedicated cyber insurance function and the CyberSecurTech start-up

Italian group GENERALI launches a new Cyber Insurance function and a fully-owned technology start-up, GENERALICyberSecurTech to address customer concerns and needs in the area of cyber risk.

The newly-created Cyber Insurance function will combine the wide range of cyber insurance solutions with the support of a the GENERALICyberSecurTech start-up, wholly owned by the Group and created with the aim of deploying innovative cyber risk assessment methodologies for GENERALI's customers.

The function will develop and coordinate the Group's global approach to cyber risk: from customer support services to preventing cyber-attacks, and from preparing the best response to a breach, to technical and legal management of events. In recent years, GENERALI has invested in creating a highly skilled team of professionals with considerable global experience in managing cyber risks.

Marco SESANA, Country Manager of Italy and Global Business Lines, stated: "Today's announcement confirms GENERALI's commitment to cyber security, an increasingly significant and strategic space for individuals, companies, and organizations. GENERALI, as a global insurer, intends to be at the forefront of identifying and mitigating this type of emerging risk, offering innovative and relevant solutions for our customers. Leveraging expertise and the Group's technological innovation, which is the cornerstone of CyberSecurTech start-up, we will able to support our customers' needs."

Italy was the first country to test the platform, using it to design and develop the new cyber offer for businesses: a complete and unique solution that encompasses risk analysis, prevention, coverage, and pre- and post-event support services.

Cyber-attacks and their consequences, as well as new regulations on protection of sensitive data and relevant implications, represent global emerging risks. Based on the Group's experience of over thirty years in managing IT insurance risks, GENERALI has launched - with CyberSecurTech - a technology platform, known as "Majorana," designed and developed entirely by the Group's team of IT security experts. The system uses innovative methodologies to manage risk, allowing the gradual implementation of its global cyber insurance offer. The platform collects and analyzes customer data, starting from an assessment of the customer's web perimeter, then searching the deep and dark web for possible data leaks that may have affected the potential customer, and finally reviewing vulnerabilities in the IT infrastructure. Subsequently, results are analyzed through a proprietary algorithm, leading to the development of an IT risk insurance policy and an IT security report that can be shared with the customer.

Remo MARINI, CEO of the CyberSecurTech start-up, observed: "Developed using innovative technologies based on machine learning and artificial intelligence, the tool's considerable sophistication enables the real risks to which the customer is exposed to be assessed, providing detailed information that the customer can use to build a plan to mitigate risks and transfer residual risks, both from a technology and insurance perspective."

GENERALI's new Cyber Insurance function and CyberSecurTech start-up will enhance and further boost the Group's existing offer in Europe, Asia, and the Americas.


Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

The 15th International Risk Management Conference to take on 11-12 April 2019 at The Ritz-Carlton hotel in Almaty, Kazakhstan

The 15th International Risk Management Conference taking place on 11 and 12 April 2019 at The Ritz-Carlton hotel in Almaty, Kazakhstan. Since 2005, this Conference has become a traditional event not only for the insurance sector of the CIS countries, but has also acquired the international status. XPRIMM Publications is a traditional media partner of the event.

2019-02-07

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

2019-02-14

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

2019-02-14

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

2019-01-10

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all