Cybersecurity firm Cytegic launches insurance unit

Cytegic, a company specializing in quantifying cyber risk at scale, has announced the launch of a new insurance unit.

Steven Schwartz will lead the new unit as he joins Cytegic as vice president of strategy and 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,” he said. “We make cyber risk understandable and in the language we all understand; dollars.”

He added that the new unit would enable Cytegic to enable insurers to transform its business model with automated remediation plans to engage with ease and value add with every touchpoint.

“It was time,” said Elon Kaplan, founder and CEO of Cytegic. “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.”

In Britain, cybersecurity has risen to one of financial businesses’ biggest concerns over the past few years. The only thing that corporate chieftains worry more about in the UK was Brexit, market uncertainties and new regulations.

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