Sixfold Partners with CyberCube
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In 2025, the cyber risk landscape is expected to become more complex with increasing threats driven by rising privacy violations, data breaches, the rise of AI, and external factors such as emerging regulations. According to Munich Re, the cyber insurance market has nearly tripled in size over the past five years, with global premiums projected to surpass $20 billion by 2025, up from nearly $15 billion in 2023, as reported by CyberSecurity Dive.
Reflecting the rapid market growth and emerging threats, Sixfold has seen increased demand from specialty insurers in the cyber sector and has successfully brought on several industry leaders as customers. "In the near future, cyber policies will become as essential as General Liability or Property & Casualty coverage. Given the world we live in, this shift is inevitable. Cyber policies are poised to become the most specific and highly customized policies available" said Jane Tran, Co-founder & COO at Sixfold.
"In the near future, cyber policies will become as essential as General Liability or Property & Casualty coverage. Given the world we live in, this shift is inevitable. Cyber policies are poised to become the most specific and highly customized policies available"
Empowering Underwriters to Quickly Adapt to New Cyber Risks
As cyber risks grow, the pressure on underwriters to assess risks accurately and expedite the case review process continues to increase. Sixfold’s AI solution for cyber insurance addresses these challenges by securely ingesting each insurer’s underwriting guidelines and aggregating all necessary business information to quickly provide recommendations that align with the carrier’s risk appetite. This capability allows insurers to quickly adjust their risk strategies in response to new cyber threats.
“With Sixfold, insurers can synchronize their underwriting guidelines across the board and adapt quickly. For example, when a new malware threat is identified, you can instantly incorporate it into your risk criteria through Sixfold. This ensures that the entire cyber team factors it into their assessments immediately without needing to learn every detail or the threat or spending hours digging for the right information” said Alex Schmelkin, Founder & CEO of Sixfold.
Besides, effective cyber underwriting demands deep expertise in IT systems, cybersecurity measures, and industry developments. This need for specific expertise presents a significant talent issue for insurers, especially with 50% of the underwriting workforce set to retire by 2028. Sixfold bridges the knowledge gap by instantly providing underwriters with the specialized knowledge they need for accurate risk assessments.
“Underwriters no longer need to be cyber experts; they can rely on Sixfold to spotlight the critical information needed for accurate underwriting decisions. Our platform simplifies the complex world of cyber risk and empowers underwriters to make more confident decisions, faster” said Jane Tran, Co-founder & COO at Sixfold.
Sixfold Partners with CyberCube to Enhance Cyber Risk Assessments
Sixfold has teamed up with CyberCube, the world’s leading analytics provider to quantify cyber risk. This integration of CyberCube's advanced cyber risk analytics with Sixfold's AI underwriting solution enables insurers to achieve faster and more accurate risk assessments. The partnership enhances underwriting efficiency, strengthens regulatory compliance, and offers highly tailored cyber insurance solutions, empowering insurers to stay ahead of the rapidly evolving cyber threat landscape. "The partnership between CyberCube’s comprehensive cyber data and Sixfold’s innovative risk assessment is setting a new standard for the future of underwriting, keeping insurers prepared for new challenges in determining accurate cyber policies.” said Ross Wirth, Head of Partnership and Ecosystem for CyberCube.
"The partnership between CyberCube’s comprehensive cyber data and Sixfold’s innovative risk assessment is setting a new standard for the future of underwriting, keeping insurers prepared for new challenges in determining accurate cyber policies.”
To see our Sixfold speeds up the cyber underwriting process join our upcoming live product demo.
