Generali has launched a new Cyber Insurance function and a new cyber insurance subsidiary to address the concerns and requirements of its customers pertaining to cyber risk.
The Italian insurance major said that the Cyber Insurance function will be a combination of a variety of cyber insurance solutions.
The company noted that the newly created cyber insurance subsidiary, dubbed GeneraliCyberSecurTech, will provide support to the Cyber Insurance function.
Generali CyberSecurTech has been formed with an objective to offer new cyber risk assessment solutions for its customers through a web-based platform.
The Cyber Insurance function and the new cyber insurance subsidiary are expected to improve and boost Generali’s current offering across Europe, Asia and the Americas.
Generali has also launched a technology platform called Majorana alongside CyberSecurTech, which is said to use innovative methodologies to handle risk and thereby enabling the gradual implementation of its global cyber insurance offer.
Majorana gathers and analyzes customer data for potential data leaks in addition to reviewing vulnerabilities in the IT infrastructure. The platform analyzes the collected results using a proprietary algorithm, in order to develop an IT risk insurance policy and an IT security report that can be shared with the customer.
CyberSecurTech CEO Remo Marini said: “Developed using innovative technologies based on machine learning and artificial intelligence, the tool’s considerable sophistication enables the real risks to which the customer is exposed to be assessed, providing detailed information that the customer can use to build a plan to mitigate risks and transfer residual risks, both from a technology and insurance perspective.”
According to the Italian insurance giant, the Cyber Insurance function will develop and coordinate its global approach towards cyber risk. Included in these are customer support services to block cyber attacks, prepare the best response to a cyber breach along with technical and legal management of events.
Generali claimed that in the recent years, it has invested in forming a highly skilled team of professionals with significant global experience in handling cyber risks.
Generali Italy and global business lines country manager Marco Sesana said: “Today’s announcement confirms Generali’s commitment in cyber security, an increasingly significant and strategic space for individuals, companies and organisations.
“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.”