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DeNexus at Artemis NYC ILS

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DeNexus is proud to be attending the Artemis NYC ILS event in New York City next week. Outside of this being the first in-person event for Artemis in two years, this will be our first time partnering with Artemis as a sponsor – and we’re ecstatic! 
 
The DeNexus team will be attending  out in force – both sponsoring and attending the event, as well as unveiling the new dashboard of our cloud-based DeRISK Platform to the Insurance-Linked Securities (ILS) sector. By booking or meeting, or stopping by our booth, you can get a hands-on experience with DeRISK and see how DeNexus is  quickly becoming the leader in credible modeling solutions  for industrial cyber risk quantification.
 
 
Who we are 
DeNexus is making the ground-breaking move into the complex cyber risk market, by developing credible modeling for cyber risk quantification for industrial enterprises, and enabling a cyber-ILS market. OurDeRISK Platform enables quantification of the cyber risk of industrial enterprise clients and client portfolios for underwriters, helping reinsurers and ILS investors gain visibility and understanding of cyber risks they may face. 
 
Why “industrial” enterprise clients?
The industrial enterprise sector represents the top ten biggest global industries in the world, and it is facing a catastrophic cyber risk and risk capital crisis. Constrained by capacity limitations, direct cyber insurers of large industrial enterprises simply do not have the capabilities to adequately cover the cyber exposure and threats of some of the biggest companies in the world. For the (re)insurance sector, unlocking ILS capacity is the key to conquering the cyber risk capacity issue and close the current multi-billion risk capital gap. 
 
What this means for the (re)insurance and ILS community
From energy, renewables, oil and gas, transportation, manufacturing, cyber risk exposure is growing. For risk underwriters and the risk transfer industry at large, this represents an incredible opportunity. For the first time in decades, the insurance, reinsurance and ILS community stand to develop a brand-new business line and new products to meet the needs of its customers within the extensive industrial enterprise domain, as well as offering accretive growth and profits to their portfolios.
 
 
Why DeNexus is Needed
The main challenge for (re)insurers when underwriting cyber risks is the lack of relevant quantitative evidence-based data that they enjoy with other, more mature traditional classes of insurance, and the lack of analytical tools to provide an end-to-end risk assessment. Cyber (re)insurers have traditionally utilized qualitative measures, which are acceptable when assessing the quality level of a client’s cyber defense, however, this is not helpful for pricing or capital allocation.
 
Subsequently, (re)insurers cannot supply adequate capacity because they don’t have the ability to map actual exposures to the limits of the insurance – resulting in inadequate coverage.
 
 
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Current Cyber Risk Underwriting Process Deficiencies

 
How DeNexus Improves Cyber Underwriting 
(Re)insurers require evidence-based data to move cyber insurance from a product with “wager” type characteristics to a fit-for-purpose one with a more precise, calculated risk assumption. 
 
The DeRISK Platform gives industrial companies and risk underwriters the ability to quantify and manage cyber risk exposure on a continuous basis. DeNexus uses self-adaptive, cloud-based technology that predicts where cyber breaches are likely to occur – and gives a loss estimate to the dollar amount.
 
 
 Cyber Risk Underwriting Process with DeNexus DeRISK

 

We have launched a series of ever-improving cyber models under our DeRISK Platform, which is aimed at helping industrial organizations, underwriters, reinsurers and ILS investors fully understand the real risks associated with cyber breaches.

Calling ILS investors 
The cyber insurance market needs buy-in from the ILS community to support the limits of industrial companies – a robust supply of capital to take on this risk is vital. But a cyber-ILS market will not develop until there is a better understanding of the risk. Credible modeling is critical to develop a cyber-ILS market. Utilizing DeNexus’ complex model will help address the dynamic nature of cyber risks for industrial companies and potentially open the door to a sea of capacity.

 In a nutshell, our smart technology provides the evidenced-based, quantified data in continuous basis that is required to unlock the capacity needed to write the increasing demand and to close the protection gap.


To learn more about the DeRISK Platform before Artemis NYC ILS, download our Platform Overview below. 

 

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