Policyholders who engaged with Corvus Signal in the past three years saw a nearly 20% lower frequency and cost of cyber breaches
BOSTON (May 17, 2023) — Corvus Insurancethe leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today unveils Corvus Signal™, the risk prevention solution that brings together brokers, policyholders, and Corvus security experts in partnership. Corvus Signal has been shown to reduce cyber breach frequency and cost by up to 20 percent.
The announcement comes amid increasing market activity and interest in combining cyber insurance with risk management services. Corvus Signal is the only solution in the market that demonstrates such an approach can bend the loss curve. For more than three years, the Corvus team, in close partnership with insurance brokers, has worked to provide a proactive and tailored cyber risk prevention solution to thousands of organizations. Policyholders engage with the solution at a rate three times higher than the cyber insurance industry average, thanks to the bespoke scan findings, threat insights, and recommendations.
"We have significantly reduced our vulnerability footprint since we engaged with Corvus. Corvus’s Risk Dashboard provides a great snapshot of insightful information for securing our network,” said a director of IT at a mid-sized healthcare services company. “Even better, Corvus takes a lot of the pain away in locating vendors who can assist in closing the security gaps, which is critical for growing our network security and security awareness program. Corvus remains relevant to our network security growth and security awareness program.”
Corvus Signal™ includes:
Always-on threat intelligence and targeted alerts for the enterprise are delivered the same day a new threat is discovered. Organizations who receive alerts patch their systems three times faster than others and receive an average of two weeks’ advance notice before alerted threats are exploited in the wild.
Personalized security advice from Corvus experts helps organizations to focus their efforts and investment on relevant security priorities thanks to clear insights on security ROI. These engagements help to smooth the policy renewal process in addition to improving overall security.
A proprietary platform that gives 24/7 access to scan findings, threat alerts, and self-guided security assessments. Organizations can log in and take immediate action on tailored recommendations, and get personalized introductions to Corvus-vetted security and incident response vendors.
“We found, through extensive experience working with policyholders, that a partnership-based approach combining personalized cyber threat insights and risk advisory services is the most effective way to curb cyber risk for organizations,” said Jason Rebholz, Chief Information Security Officer at Corvus Insurance. “The impressive results we’ve observed serve as validation that our approach holds up through major shifts in cyber attack trends, and are a significant factor in driving Corvus’s industry-leading loss ratio.”
In addition to driving down risk for individual organizations, Corvus Signal has been instrumental in Corvus achieving a U.S.industry-leading loss ratio of 36%in 2022, which the company announced earlier this month. Corvus is now exploring incentives to reward policyholders and brokers who engage with Corvus Signal.
Corvus Insurance is building asafer worldthrough insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and includeSmart Cyber Insurance®andSmart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance,Corvus London Markets, andCorvus Germanyare the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visitcorvusinsurance.com.