Generali Launches Cyber Insurance Function and Cyber Security Subsidiary

October 9, 2018

Generali has launched a new Cyber Insurance function and the formation of a cyber security company.

The Cyber Insurance function will combine a range of cyber insurance solutions with the support of a technology start-up, CyberSecurTech, which is wholly owned by the group and aims to deploy innovative cyber risk assessment methodologies for Generali’s customers.

The Cyber Insurance function will develop and coordinate the group’s global approach to cyber risk, including customer support services to prevent cyber attacks, responses to cyber breaches as well as technical and legal management of events.

Generali and CyberSecurTech also have launched a technology platform, known as “Majorana,” designed and developed by the group’s team of IT security experts.

The platform collects and analyzes customer data, starting from an assessment of the customer’s web perimeter, then searching the dark web for possible data leaks that may have affected the potential customer, and, finally, reviewing vulnerabilities in its IT infrastructure, the company said, explaining that results are then analyzed through a proprietary algorithm, leading to the development of an IT risk insurance policy and an IT security report.

“Today’s announcement confirms Generali’s commitment [to] cyber security, an increasingly significant and strategic space for individuals, companies and organizations,” said Marco Sesana, country manager Italy and Global Business Lines.

“Generali, as a global insurer, intends to be at the forefront of identifying and mitigating this type of emerging risk, offering innovative and relevant solutions for our customers,” he added.

“Leveraging the new function’s expertise and the group’s technological innovation, which is the cornerstone of CyberSecurTech start-up, we will able to support our customers’ needs,” Sesana affirmed.

Generali said that Italy was the first country to test the platform, using it to design and develop the new cyber offering for businesses: a complete and unique solution that encompasses risk analysis, prevention, coverage and pre- and post-event support services.

Source: Generali

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