Coinnect: Cyber Risk Mitigation for Insurers
Cyber-attacks unfortunately come with increased digital business. Customers are requesting insurance coverages, but they are often not able to obtain simple and swift insurance solutions. Due to the increased number and costs of cyber claims and the challenge to evaluate risk in a complex and highly dynamic scenario, insurance players are struggling to deal with Cyber Risk.
The new paradigm is to combine insurance with proactive Cyber Risk Monitoring and Mitigation during the entire life of a policy and not only when a policy is activated.At the same time, it is important to provide advanced support in case of a Cyber Incident, allowing customers to contain damages and reduce the costs for insurance.
Coinnect provides a unique combination of Services and a Cyber Insurtech Platform that is built to assist Insurance Players like Loss Adjusters, Brokers, MGAs, Insurance, Reinsurance Companies acquire new customers, proactively monitor, and mitigate customers Cyber Risk, effectively respond to Cyber Clams and Ransomware.
Ransomware is the number one cause of Cyber Claims for insurers. This is what Coinnect has tapped into. Traditionally, in Cyber Insurance clients need to fill in a long questionnaire to assess their Cyber Risk, sign a contract and wait for the renewal to get a next questionnaire. Coinnect introduced a more automated process to assess the Cyber Risk of a prospect, using technical evidence collected with its platform, and it continuously monitors the Cyber Risk during the life of the insured client, it proactively advices the client and the insurer in case of Cyber Risks, and it supports the client and insurers in case of a Cyber Incident.
Coinnect’s technology is built from hands-on experience dealing with Ransomware attacks. The platform provides detailed Ransomware Intelligence data that is automatically extracted, findings from the Darkweb, advanced monitoring of Cyber Attack surface, Data Leaks, Risk indices and proactive protection for insured clients. Leading to mitigation services that can be bundled with insurances.
Coinnect is a Cyber Insurtech company, supporting Insurance Companies, Brokers, Loss-Adjusters to proactively mitigate Cyber Risk of their Insured Clients, assess Cyber Risk of prospects, and help during Cyber Claims to contain damages and reduce costs.
How does it work?
Coinnect’s platform and API enable continuous monitoring of Cyber Risk, an active mitigation, and the possibility to bundle Cyber monitoring and protection with Insurance Policies.
The platform contains Ransom Intelligence to detect ransomware attacks at early-stage and analyse ransomware risk and data. It proactively mitigates customer cyber risks to be bundled with insurance policies. Moreover, it responds to cyber incidents, assessing cyber claims to reduce claims costs. Lastly it can be used to assess customer risk and thus accelerate acquisition. In short, the technology allows insurers to build products for cyber.
Why did we select Coinnect to present at DIA Munich?
Coinnect delivers solutions to proactively mitigate Cyber Risk to reduce claims and benefit from a fast-growing Cyber Insurance market.
At DIA Munich 2022, Massimiliano Rijllo, CEO Coinnect, will present its platform and API solutions. He will explain how it uses a unique combination of technologies and how it can be applied in and for the Insurance Market.
Who is Coinnect?
Coinnect was founded by experts who have 15+ years of experience in Cyber Security and Software industries. Its headquarters are in Mendrisio, Switzerland.
The company started operations in 2020 as a Cyber Insurtech player when it was self-funded by the founders. Recently there was a 2M$ funding round. The company is still a start-up but has agreements with leading Brokers, Insurers, and Loss-adjusters.
“Our mission is to mitigate Cyber Risk and Incident Costs both for Insured Clients and Insurers.”Massimiliano Rijllo, CEO Coinnect