Canopius, a specialty and property and casualty (P&C) reinsurer, has formed a partnership with Group-IB to enhance its cyber insurance offerings.
This collaboration marks Group-IB’s first full-service partnership with a Lloyd’s of London syndicate.
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It aims to provide Canopius policyholders with an enhanced level of protection and threat intelligence.
Founded in 2003 and based in Singapore, Group-IB specialises in developing cybersecurity technologies to investigate and combat digital crime.
The partnership will look to deliver risk assessments, real-time threat notifications, and informed strategies for threat mitigation to Canopius’ clients.
Canopius’ underwriters will leverage this capability to better assess cyber risks and conduct comprehensive risk evaluations.
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By GlobalDataThis is expected to provide quantitative insights into the financial benefits of security measures, enabling precise and cost-effective coverage.
The insurer will offer these new capabilities to policyholders through detailed threat reports and a catalogue of cyber services.
Canopius’ threat intelligence function gathers data from various sources such as attack methods and technical impact information from the internal Cyber Incident Management team, claims data, and feeds that are open-source.
Group-IB will enhance this with additional data from adversary intelligence, vulnerability and malware information, and dark web visibility.
Canopius global head of cyber Matt Northedge said: “This partnership combines the extensive expertise of Group-IB’s threat intelligence analysts with Canopius’ insurance and risk management knowledge, to offer an exceptional technical approach to cyber risk management.
“In joining our capabilities, we have developed an intelligence-led model and product, offering an unparalleled perspective on the cyber threat landscape for our clients.”
Group-IB CEO Dmitry Volkov said: “As cyber threats evolve in complexity and unpredictability, threat intelligence is crucial for building resilience against both current and future threats. We are confident that our partnership with Canopius will enable round-the-clock visibility, vigilance, and cyber threat profiling necessary for effective cyber risk management.”
The alliance with Group-IB follows the recent appointment of Soon Keen Lee as CEO of Asia Pacific and MENA at Canopius.
Lee, who joined from AIG APAC where she served as head of commercial property and SME for APAC, will lead the Canopius APAC Business Unit across Singapore and Australia.
