CloudCover® Secures Patent Approval for Groundbreaking Cybersecurity Insurance Using Blockchain, A First for the Cyber Insurance Industry | news
MINNEAPOLIS – (BUSINESS WIRE) – Jan. December 2021–
CloudCover ®, the company behind the patented CC / B1 CyberSafety Platform TM, today announced the approval of its latest patent application for the invention of a cybersecurity insurance platform that uses a real-time blockchain process for underwriting.
The patent is the first to combine cybersecurity insurance and blockchain. It marks a significant milestone in CloudCover’s mission: to create an end-to-end cybersecurity technology and insurance platform that uses automated intelligence (AI) and machine learning. This also enables the expansion of AI-based network discovery, which includes automation and orchestration technology, to increase risk awareness, risk control and risk transfer.
Behind the invention is a fully decentralized platform for risk reduction – CC / B1 from CloudCover – which was developed to secure the network in real time so that data backup is possible. It enables microinsurance policies to be embedded in digital transactions that are secured and recorded using blockchain technology. During machine learning, the screening and mitigation of threats on an organization’s network, CC / B1 uses algorithms to analyze network traffic for risk assessment purposes and to create actuarial models – models that set and reset premiums in real time.
Not only does the platform give a company the ability to transfer the security risk of its network when needed, it also releases the company’s vulnerable data value by leveraging the incremental risk transfer function of the premium. This new invention will make it possible to improve the underwriting accuracy and pricing of cybersecurity insurance within the $ 1.2 trillion annual cyber insurance premium ecosystem.
“Cybersecurity insurance as we know it is not sustainable – the cost of cybercrime is rising, more claims are being made and the premiums have skyrocketed,” said Stephen Cardot, CEO and founder of CloudCover. “To proactively set more accurate premiums, we need historical data in the form of actuarial tables – but the insurance industry believes this is unlikely because the risk is so unpredictable. With this invention, CloudCover has proven that the notion is wrong – we are able to identify, control, assess, discharge and insure risks at a granular level – and remove the traditional barriers to real-time data insurance and – solving a problem that has plagued the cybersecurity insurance industry for a long time. “
By leveraging blockchain technology for this incremental insurance of “data in motion,” CloudCover creates a permanent and public record of every micropolice that is opened and closed. Each microinsurance policy is automated as needed, and CloudCover notifies the policyholder and automatically assesses the claim. This is a departure from typical cybersecurity insurance, where a policyholder reactively alerts their insurance company to a breach.
CloudCover owns the first underwriting process for CyberSafety Network Data Insurance incremental using blockchain technology. This patent will play a key role in the launch of the company’s upcoming insurance offerings, which began with the announcement of a $ 1 million ransomware guarantee for companies signing a three-year contract with CloudCover’s CC / B1 platform. The CloudCover Cyber Liability (CCCL) and Information Systems Business Interruption (ISBI) insurance, which includes real-time notifications, will be introduced in January 2022, with the CloudCover Cybersecurity Network Data Insurance expected to follow in the first quarter of 2022.
The patent is part of CloudCover’s ongoing drive to redefine cyber security to ensure that companies are aware of their cyber risk and have taken proactive steps to control it and transfer their risk through insurance. Organizations are encouraged to utilize CloudCover’s CyberSafety Registry ®, which provides an “understanding” of the impact of compliance and governance risk in an organization that is relevant to regulatory risks of a company’s business, geographic location and retail industry. To learn more about the CC / B1 platform or to request a demo, visit www.cloudcover.cc/.
CloudCover ®, an AI-driven, virtual machine-learned cybersecurity platform, has transformed cybersecurity into proactive, predictive cybersecurity – and offers advanced real-time network discovery and response (X-NDR) through a patented, math-based automated security orchestration response (SOAR ) risk-aware control platform. The SOAR system gathers data between the various security technologies and environments of an organization and streamlines it for a holistic response to potential risks. Our CC / B1 platform provides an evolving, protective layer of security for your existing cybersecurity tech stack – meaning network threats are detected in near zero seconds and near zero threat accuracy. With CloudCover, the elusive “single pane of orchestration” capability of a company’s network security is not a myth, but a reality. To find out more, visit www.cloudcover.cc/ or follow us on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005149/en/
CONTACT: John Riordan
[email protected] Wachtendonk
KEYWORD: UNITED STATES NORTH AMERICA MINNESOTA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT SECURITY TECHNOLOGY INSURANCE SOFTWARE
Copyright Business Wire 2021.
PUB: 12/01/2021 8:00 AM / DISC: 12/01/2021 8:03 AM
Copyright Business Wire 2021.