Cyber insurer Corvus launches risk prevention solution

Cyber underwriter Corvus Insurance has launched a risk-prevention solution providing personalised cyber threat insights and risk advisory services. Corvus said the new solution, Corvus Signal, brings brokers, policyholders, and Corvus security experts together in partnership.

The insurer said Corvus Signal has been shown to reduce cyber breach frequency and cost by up to 20%. Corvus said there is 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 organisations,” it said.

It added that policyholders engage with the solution at a rate three times higher than the cyber insurance industry average.

“We found, through extensive experience working with policyholders, that a partnership-based approach combining personalised cyber threat insights and risk advisory services is the most effective way to curb cyber risk for organisations,” 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 cyberattack trends, and are a significant factor in driving Corvus’s industry-leading loss ratio.”

Corvus achieved a loss ratio of 36% in 2022, and said it is now exploring incentives to reward policyholders and brokers who engage with Corvus Signal.

Corvus Signal comprises risk insights including “always-on threat intelligence and targeted alerts for the enterprise delivered the same day a new threat is discovered”, risk advisory services such as personalised security advice to helps organisations focus their efforts and investment on relevant security priorities, and a risk dashboard – a proprietary platform that gives 24/7 access to scan findings, threat alerts, and self-guided security assessments.