Cyber Risk Quantification Leader Cytegic Launches Insurance Group

NEW YORK, Sept. 19, 2019 /PRNewswire/ -- Cytegic, the industry's first and leading company to quantify cyber risk at scale announced the launch of their insurance unit today to support the industry in quantifying complex, evolving risks from the rapid pace of technological change.  With 4 US Granted Patents, Cytegic's innovative, mature cyber risk platform is the industry's first, end-to-end solution automating cyber risk management and quantifying its financial impact across the entire insurance and risk value chain.

Heading the unit will be Cyber Risk and InsurTech expert Steven Schwartz, who joins Cytegic as Vice President of Strategy & Insurance.

"This is a once in a lifetime opportunity to work with a platform as mature as Cytegic's and the value proposition it brings to the insurance market. We make cyber risk understandable and in the language we all understand; dollars," Schwartz said. "Imagine a world where insurance is not purely transactional for transferring risk, but advising insureds on mitigating risks with a relationship built on trust. New sources of revenue without customer acquisition costs is where insurers profit. We enable the industry to transform its business model with automated remediation plans to engage insureds with ease and value add with every touchpoint. Cytegic's seamless, integrated information architecture enables the industry to formulate an informed risk appetite perspective while recognizing significant operational efficiencies, underwriting clarity, and pre-breach revenue. It meets the unique needs of what the industry needs to proliferate as expected: transparency, validity, speed, and massive scale."

"It was time," said Elon Kaplan, Cytegic Founder and CEO. "As a company immensely focused on rapid cyber risk quantification and resilience, we know that the insurance industry is fundamental for all businesses to thrive and grow as cyber risk continues to evolve and become more complex. Bringing our patented approach to market now is the right thing to do for partners and for the insurance industry as well."

Schwartz brings a unique combination of insurance, technology and venture capital experience to the team. Mr. Schwartz is currently on the Board of Advisors for Rutgers' University Cybersecurity program and was most recently a Managing Director at CEO Quest, working with venture capital funds in coaching tech-company CEOs towards accelerated company growth within the insurance industry. Recognized as an innovation leader in the fields of risk management and cybersecurity, Schwartz is a Co-Founder of The Data Union and the SVP of Business Development & Senior Managing Consultant at UIC, Inc., where he personally managed and negotiated the risk management & insurance programs for F2000 entities paying in excess of $2B in Annual Premiums across 40 countries.

Mr. Schwartz began his career as the 20th employee as a Data QA Engineer at healthcare analytics start-up, TreoSolutions, through the company's nine-figure exit five years later as a Senior Data Analyst with 180 employees. His experience at Treo, UIC and CEO Quest make him the perfect partner to scale our efforts across the insurance industry.

About Cytegic:

Cytegic's revolutionary cyber risk quantification platform is the industry's first automated end-to-end solution that encompasses the entire scope of cyber risk assessment and financial impact analysis across the entire insurance and risk value chain. After 25+ man-years of R&D and 4 granted US patents, Cytegic has made groundbreaking steps in the highly challenging task of quantifying cyber risk at any level of scale, from SMB's to Fortune 500.

Utilized globally by insurers, enterprises, and global consulting partners, Cytegic's Automated Cyber Risk Officer (ACRO), leverages forward-looking, contextual and quantified global threat intelligence with internal, technologically validated defensive capabilities, to automatically identify risks to an organization's business assets and financial impact at any degree of granularity. We can finally talk about cyber risk as a business risk tied to dollars and ROI; and make informed business

Contact Information

Cytegic: Steven Schwartz, VP, Strategy & Insurance, [email protected]

SOURCE Cytegic