Cyber insurance provider MyCybercare and DynaRisk, an InsurTech company specialising in cyber risk assessment and protection, have announced a global distribution agreement that will allow both companies to expand their reach.
Under the terms of the agreement, MyCybercare will provide DynaRisk’s solution as part of the MycyberDNA product, which will be available to its global customer base.
The partnership will also see the two companies white labelling the solution, making it available to organisations for their own use and for the protection of their customers. It will also be available to brokerages for inclusion in specialised cyber insurance policies.
“We have partnered with the world’s top security companies to ensure that our customers have access to the best possible protection, and we are proud to add DynaRisk to our portfolio. With hackers attacking computers and networks at a rate of one attack every 39 seconds, and with around 700-million people having been victims of cyber crime in the past year, it has never been more important for individuals and businesses alike to protect themselves,” says Simon Campbell-Young, CEO of MyCybercare.
He adds that, while protection is vital, there still needs to be a great deal of education around the risks and vulnerabilities opened up through our increasingly digital lives. “This is one of the biggest differentiators for our joint offering with DynaRisk. We not only provide safeguards, but educate and guide around best practice in respect of securing an entire digital footprint. The solution has been built to help inform individuals and companies about how to be digitally resilient, and constantly engages personally with the user around best practice for cyber security.”
This is achieved through a monitoring platform that screens the deep web, dark web and general web, looking for fraudulent input of digital assets such as address, credit card number, email, IP devices, and so on. If it identifies a potential problem, the system issues an alert, providing recommendations for urgent action that should be taken, as well as remediation action and threat level. If an actual financial loss or financial breach occurs, then the MyCybercare insurance policy pays-out.
The system provides easy-to-follow prioritised actions to help keep the user safe. This includes educating them about encrypting their devices, setting parental controls, avoiding scams, and so on. It then runs a scan, looking for security vulnerabilities and out of date software, while simultaneously checking to see if any personal information has been stolen. This provides a Security Score, which is updated regularly as the system continues to monitor risk, ensuring that the user stays protected.
“This solution is invaluable for both individuals and businesses. It not only provides ongoing protection, it offers companies a value-add that they can use to help ensure their own customers stay safe. In addition, it will help defend against data breaches, as any fraudulent use of personal data is flagged immediately, stopping a potential point of entry,” Campbell-Young says.
Andrew Martin, CEO and founder of DynaRisk, believes that the addition to MyCybercare’s range of products will provide huge benefits to end users. “Ultimately, cyber related threats are growing at such a pace that businesses and consumers are struggling to keep up. The number of high-profile data breaches hitting the headlines has made the public more conscious about the security of their online data and personal information than ever before. Thanks to greater exposure in the media people are now armed with more knowledge and want to do more to protect themselves online,” he says.
“Insurance providers like MyCybercare will play a major role in reducing the risk of serious financial loss and other hardships that consumers are facing today from cyber crime. There is a big gap in the consumer cyber insurance market that MyCybercare’s products are filling and we believe that adding DynaRisk’s product to the range will be of significant value to their customers.”