Threatinformer is another recent graduate of the London Cyber incubator Cylon, part of the fourth cohort. (Other alumni from the evening included DynaRisk and Hook). The company was born out of the frustrations of the underwriters that CEO Ryan Jones had seen in his time working with KPMG. Industry consultants gave a good service, but could be inconsistent and expensive. The automated tools available were not targeted at insurers and so tended to provide too much unstructured information, or reduce the issue down to single cyber risk scores, so broad as not to be useful. Threatinformer is developing an automated cyber risk platform specifically for all three main players in insurance: brokers, insurers and reinsurers. Jones described three key challenges for brokers looking to place cyber risk that can be helped by Threatinformer.
The first task is to understand what type of cover is required, the second is to identify risk management opportunities and reduce risk. The major brokers are looking for opportunities to grow revenue, not just by placing risk but through providing services to actively manage it. Each of the major reinsurance brokers has been developing relationships with cyber analytics providers in recent years, and the acquisition of cyber risk management company Stroz Freidberg by Aon last year is probably not the last strategic acquisition we’ll see in this space. The third, and more fundamental challenge for brokers according to Jones, is for brokers to convince all of their clients of the need to buy comprehensive cyber cover at all.