Oceanwide launches new cyber risk assessment tool

11/06/2015 08:45

Oceanwide, An Insurity Company, has released a new cyber risk assessment tool designed to help insurers identify and mitigate company-specific risks to data and privacy.

The tool is designed to allow insurance companies identify high-risk processes

The tool is designed to allow insurance companies identify high-risk processes, policies, systems and third-party provider relationships so that they can better mitigate intrusions and data breaches, notes a statement earlier this week from Oceanwide, developer of configurable SaaS insurance software for property and casualty insurers.

The web-based solution can be customized to accommodate country-specific regulatory standards and language requirements to make it easier for insurers to improve cyber security posture in real-time, the company reports.

Leveraging Oceanwide Bridge – a SaaS-based, core administration suite designed to streamline processing for p&c insurers, brokers and MGAs and which features an intuitive user interface – insurance companies can assess any insured’s critical vulnerabilities and exposures to cyber attacks via an executive summary presented after the initial assessment, notes Oceanwide.

“With cyber risk on the rise and insurance data increasingly targeted, insurers obviously need to be able to assess the cyber vulnerabilities of clients,” Montreal-based Mark Orosz, CSO/CIO for Oceanwide, says in the company statement. Orosz points out that the tool “can be easily integrated into an insurer's rating and policy issuance process to provide the insight needed.”

Karen Furtado, partner for Strategy Meets Action (SMA), says in the statement that such tools can present the insights needed to accurately assess risk. “As new coverages such as cyber risk are introduced to the market, there need to be continuing ways for assessing the exposure presented,” Furtado suggests.

U.S.-based Insurity Inc. announced in May it had acquired Montreal-based Oceanwide. “This acquisition enables us to offer a more robust portfolio of insurance solutions and positions Insurity to better serve smaller insurers, start-ups, specialty and niche players, as well as the global insurance market,” Jeffrey Glazer, Insurity president and CEO, said at the time.

“Combined with our cloud environment and the backing of Insurity with its financial strength and highly skilled resources, we are now able to accelerate the growth of the combined organization, and deliver a broader and deeper set of capabilities to the global insurance market,” added Oceanwide CEO Mitchell Wasserman.