The NAIC provides expertise, data and analysis to insurance commissioners, enabling them to regulate the industry. Credit: 3rdtimeluckystudio/Shutterstock.

Digital risk processing platform Cytora has partnered with cybersecurity firm DynaRisk.

The collaboration between Cytora and DynaRisk means insurers can use DynaRisk’s suite of cyber risk assessment data on the Cytora platform.

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Therefore, underwriters can immediately take into account a number of data points regarding cyber risk when devising insurance quotes. This results in more comprehensive risk evaluation and better decision making.

DynaRisk tools include “Leaked Data” which determines whether a person or business has has its data stolen, “Hacker Chatter” which can identify topics of discussion on the dark web, “Vulnerability Check”, and “Open Service Check”.

Juan de Castro, COO at Cytora, said: “We’ve seen in recent years just how damaging a hack or data breach can be to a business and its customers. This risk is only going to increase as hackers become more and more sophisticated. Consequently, it is increasingly important for insurers to accurately determine the level of cyber risk a business or individual has. This is a very complicated process – but through partnerships like this – we can provide insurers with all the insights and tools they need to make faster and more accurate risk evaluations and decision-making.”

Andrew Martin, founder and CEO at DynaRisk, added: “Our partnership with Cytora is reshaping how risk assessment is conducted. By incorporating DynaRisk’s intelligence, we’re empowering underwriters to make more informed decisions than ever before. This is about deepening the understanding of cyber risk, leading to smarter, more accurate insurance offerings.”

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Cytora has partnered with TradeAtlas to enable marine insurers to leverage data.

The partnership between Cytora and TradeAtlas will give a huge range of import and export information to make faster, more accurate risk decisions.

Furthermore, the integration between the two will bring all of this data directly into Cytora’s risk processing platform. As a result, marine insurers can seamlessly bring it into their digital workflows.