Protos Labs

Problem: Insurers face challenges in insuring cyber risk. (1) Firstly, cyber threats are dynamic in nature. New threats emerge as human attackers constantly innovate new ways of attacking. (2) Secondly, the cyber domain is multi-faceted. In order to accurately assess cyber risk, this requires analysis of multiple factors such as systems, vulnerabilities, controls. (3) Thirdly, cyber risk is ongoing. Even after policy purchase, an organization’s risk profile could be impacted by changes in any of the above factors and these can be hard for an insurer to keep track of. Solution: That’s why we built Nexus. We have created a cyber risk management suite that helps both insurer and their end-customer (the enterprise). For insurers, we enable them to underwrite cyber risks in real-time, improving accuracy and reducing underwriting cost. And for the enterprise (i.e. the end policyholder), we enable them to monitor and reduce their cyber risk on a continuous basis. Benefits to Insurer: (1) Gain real-time risk exposure calculation of your policyholders. (2) Assess risks from a consistent 360-degree approach – from outside in, and inside out. (3) Reduce underwriting costs with rapid and automated assessments that take less than 15 mins. Benefits to Enterprises (1) Gain visibility if the organization’s controls are working effectively through direct integration with security tools. (2) Receive early-warning alerts to high-risk events via embedded threat intelligence. (3) Mitigate risks rapidly through automated recommendations.