Artificial Intelligence
Cyber Insurance Market to Grow with 26.3% CAGR Between 2020 and 2030: P&S Intelligence
NEW YORK, June 25, 2020 (GLOBE NEWSWIRE) — With the growing awareness on insurance, surging number of cyber-attacks, and increasing government regulations, the profile of cyber risk management firms is becoming better. This factor is set to prove instrumental in driving the cyber insurance market at a 26.3% CAGR between 2020 and 2030, thereby leading to an increase in the industry size from $5,573.2 million in 2019 to $70,671.9 million by 2030.
Additionally, due to the implementation of cyber-risk regulations, companies are adopting mitigation solutions, which are rapidly being provided by insurance firms, to deal with such risks. Insurance firms provide cyber-attack-related financial loss prevention, risk mitigation, and loss compensation services. These companies create valuable data sets from information related to cyber-attacks and their financial impact on an entity and successful strategies to mitigate the risk, to model cyber risks and rate future customers.Get the Sample Copy of this Report at: https://www.psmarketresearch.com/market-analysis/cyber-insurance-market/report-sampleThe COVID-19 crisis is having a positive effect on the demand for cyber insurance, as the pandemic has shifted countries’ focus to healthcare and economic stability, thus opening the doors for cyber-criminals to hack servers and steal vital information. Malware spams, phishing attacks, and ransomware attacks have increased since the outbreak, many of which have targeted the World Health Organization (WHO). Therefore, in order to protect themselves against intellectual property and financial damage by such attacks, companies of all sizes are opting for cyber insurance.Cyber Insurance Market Segmentation AnalysisThe data breach category, on the basis of policy, would witness the fastest industry growth in the coming years, on account of the increasing instances of such issues, with the rising focus of companies on digital data, cloud computing, and workforce mobility. Local computer systems, enterprise databases, and cloud servers, where the sensitive information of organizations is generally stored, are all susceptible to breaches. During the first half of 2019, 4.1 billion digital records were exposed around the globe, in 3,800 individual data breach cases. This is why companies are rapidly adopting data-breach-centric cyber insurance to mitigate third- and first-party financial losses.In 2019, standalone insurance, based on product type, was more popular, as this product allows companies to instantly compensate themselves as well as their customers for any financial loss arising out of a cyber-attack. Standalone cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach. Moreover, such policies also offer cover for the direct losses due to phishing, social engineering frauds, cyber frauds, spoofing, and phreaking, as well as companies’ legal liabilities to third parties.Browse report overview with 136 tables and 102 figures spread through 249 pages and detailed TOC on “Cyber Insurance Market Research Report: Global Competition Analysis and Revenue Forecast to 2030” at: https://www.psmarketresearch.com/market-analysis/cyber-insurance-marketThe claims division, under segmentation by service, would grow at the highest CAGR, of 30.5%, in the cyber insurance market during 2020–2030. This would be a result of the rising risk of business failure and threat to digital capital, in the event of a cyber-attack.Large enterprises are the more-significant users of cyber insurance compared to small- and medium-sized enterprises (SMEs), as such companies are rapidly deploying the cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations. This is leading to the creation of huge volumes of data, which includes sensitive information, including customers’ personal details. This is why such companies are regularly targeted by cyber-criminals, with the intention of getting access to a vast amount of data at once. Owing to the high risk of cyber-attacks and their high spending power, large enterprises are quickly adopting cyber insurance.In the near future, the healthcare industry is set to grow the fastest in the market, when segmented by end user. With the digitization of health records and increasing penetration of the internet, critical medical information has become vulnerable to hacking and breaches, which is why healthcare organizations are purchasing cyber insurance.Owing to the existence of several major cyber insurance companies, including Chubb Group Holdings Inc., American International Group Inc., and Lockton Incorporated, North America is currently the largest contributor to the market. Further, governments in the region are making the implementation of cybersecurity and insurance measures mandatory for companies of all sizes, thus driving the regional market. Between 2020 and 2030, the adoption of cyber insurance is predicted to surge the most rapidly in Asia-Pacific (APAC). Companies in the region are concerned about the security of cloud databases and blockchain systems, and the government in several places is stepping up efforts to raise the awareness about cybersecurity and cyber insurance.Insurance Providers Engaging in Partnerships to Enhance their Offerings and Widen their ReachIn recent years, a number of partnerships have been seen in the market, as cyber insurance companies are looking at such measures to:Use each other’s customer base to sell their insurance policiesWork together to equip their commercial insurance analytics capabilities with AIEducate and consult cybersecurity startups on the challenges and opportunities in the cyber insurance nicheIntegrate each other’s expertise to come up with better policiesThe most prominent players in the global cyber insurance market include Chubb Limited, American International Group Inc. (AIG), Berkshire Hathaway Inc., Zurich Insurance Group AG, Lockton Companies Inc., Munich Re Group, Allianz Group, Aon Plc, Arthur J. Gallagher & Co., AXA XL, Beazley Plc, The Travelers Companies Inc., Axis Capital Holdings Limited, Fairfax Financial Holdings Limited, and Liberty Mutual Holding Inc.More Reports of ICT And Media By P&S IntelligenceDigital Twin MarketIn the past few years, the major digital twin market players have launched many new solutions to expand their customer base and industry presence. For instance, in October 2019, Bentley Systems Incorporated launched iTwin, which includes cloud-based digital twin services for infrastructure assets and projects.https://www.psmarketresearch.com/market-analysis/digital-twin-marketQuantum Computing MarketTogether, North America and Europe are expected to hold almost 78% share cumulatively in the quantum computing market in 2030. All the major investments are being recorded in the U.S., Canada, Germany, the U.K., and Russia. In the U.S., National Aeronautics and Space Administration (NASA), the National Security Agency (NSA), and the Los Alamos National Laboratory are involved in this technology related project.https://www.psmarketresearch.com/market-analysis/quantum-computing-marketWorkplace Transformation MarketDuring the forecast period, APAC is expected to witness the fastest growth in the workplace transformation market. This can be attributed to a rise in the adoption of workplace transformation services, primarily in India, Japan, and China. In addition, the increase in the number of millennials joining the workforce and boom in industry 4.0 are some other factors supporting the growth of the market in the region.https://www.psmarketresearch.com/market-analysis/workplace-transformation-marketAbout P&S IntelligenceP&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.Contact:P&S IntelligenceInternational: +1-347-960-6455Email: [email protected]Web: https://www.psmarketresearch.com
Consilio expands partnership and use of Nuix software for data processing and document review.
SYDNEY, May 23, 2024 /PRNewswire/ — Leading provider of investigative analytics and intelligence software, Nuix, announces an expanded partnership for the next seven years with Consilio, the global leader in legal technology solutions and enterprise legal services. The decade long business relationship has grown into a strategic partnership which will expand the use of Nuix software, where the companies will collaborate to address emerging needs of clients.
For Consilio, the partnership represents a commitment to integrating Nuix’s industry-leading data processing software within its eDiscovery services. It accelerates Consilio’s ability to stay ahead of their global clients’ needs in eDiscovery and document review, offering benefits of speed and accuracy.
“We are excited to engage in this strategic partnership with Nuix, which will enable us to leverage recent innovations from Nuix, enhance our technology and service excellence, and ultimately drive growth with new and existing clients,” said Andy Macdonald, CEO Consilio.
Nuix and Consilio are working together to address future customer requirements for data processing, enterprise automation, document review, and integrated professional services. Consilio becomes the first customer of Nuix Neo Enterprise, which includes Nuix Neo Data Privacy, Investigations and Legal solutions, paving the way for multiple joint offerings.
Jonathan Rubinsztein, Group CEO Nuix shares, “This partnership is an accelerator for Nuix Neo and a significant and strategic milestone for both organisations. We are proud to be partnering with Consilio in providing a step-change to its data processing and review capabilities with Nuix Neo and Nuix Discover. We are optimistic that jointly, we can service the increasingly complex needs of our customers through robust end-to-end solutions.”
About Nuix
Nuix Limited is a leading provider of investigative analytics and intelligence software, with the vision of “being a force for good by finding truth in a digital world”. Nuix helps customers to process, normalise, index, enrich and analyse data from a multitude of different sources, solving many of their complex data challenges. The Nuix platform supports a range of use cases, including criminal investigations, financial crime, litigation support, employee and insider investigations, legal eDiscovery, data protection and privacy, and data governance and regulatory compliance.
For further information, please visit investors.nuix.com
About Consilio:
Consilio stands as the global leader in eDiscovery, document review, flexible legal talent, and legal advisory & transformation consulting services. With its Consilio Complete suite of capabilities, the company empowers multinational law firms and corporations using innovative software, cost-effective managed services, and deep legal and regulatory industry expertise. Renowned for its expertise in litigation, HSR second requests, internal and regulatory investigations, eDiscovery, document review, information governance, compliance risk assessments, cybersecurity, law department management, and contracts management, Consilio also excels in legal staffing and recruitment through its Lawyers On Demand division. Consilio globally employs leading professionals in the industry, applying defensible workflows with patented and industry-proven technology across all phases of the eDiscovery and risk management lifecycle. ISOIEC 27001:2013 certified, the company operates offices, document review, and data centers across Europe, Asia, and North America. Discover more about Consilio’s commitment to legal excellence and innovation at www.consilio.com.
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Artificial Intelligence
Bugcrowd Acquires Informer to Enhance Offerings Across Attack Surface Management and Penetration Testing
Acquisition Aligns Seamlessly with Long-Term Goals and Objectives Centering Around Continual Innovation and Enhancement of the Bugcrowd AI-Powered Platform
SAN FRANCISCO, May 23, 2024 /PRNewswire/ — Bugcrowd, a leading provider of crowdsourced security, today announced it has acquired Informer, a leading provider of external attack surface management (ASM) and continuous penetration testing. This acquisition widens Bugcrowd’s innovation lead in providing crowdsourced security to customers of all sizes, and in all industries, delivered through a flexible, data- and AI-driven SaaS platform. By integrating Informer’s expertise and technologies into its portfolio, Bugcrowd will further accelerate its reach and capabilities to customers globally with even more advanced solutions to address their evolving needs for proactive security. Further terms of the transaction were not disclosed.
“I am excited to welcome Informer to the Bugcrowd team,” said Dave Gerry, CEO, Bugcrowd. “This marks the first acquisition following our $102 million fundraise and underscores our dedication to ongoing growth and innovation. Our mission is to develop a platform that anticipates and predicts cyber risks. By nurturing a trusted community built on the collective ingenuity of organizations, hackers, and security professionals, we aim to mitigate risk across all applications, systems, and infrastructure. We are committed to evolving both organically and through acquisition, and we will continue to deliver the best possible experience to our customers. I am confident that this addition to the Bugcrowd Team and platform will greatly benefit our customers, employees, and shareholders.”
ASM is a critical aspect of modern security-minded organizations’ overall cybersecurity strategy, involving the identifying, assessing, and continuous monitoring of potential vulnerabilities and threats that exist in an organization’s external-facing systems, applications, and networks. Founded in 2014, UK-based Informer’s scalable external ASM software harnesses the power of continuous asset discovery, and integrated expert penetration testing. The company provides security and IT leaders with business-critical security insights to monitor and reduce cyber risk. This new combination enables Bugcrowd to expand its footprint in the growing ASM market – $3.3 billion by 2029 at a (CAGR) of 29%.
“By joining forces with Bugcrowd, Informer’s exceptional team and innovation in Attack Surface Management and PTaaS will continue to disrupt the traditional penetration testing market, giving us a competitive edge in the crowdsourced security industry,” said Marios Kyriacou, CEO of Informer.
Informer automates the identification of the external attack surface from organizations and provides specialized penetration testing services to its clients. The company combines continuous asset discovery, and penetration testing in one platform, bringing together the power of machine learning and expert penetration testing in a single SaaS solution. Informer has built a strong external ASM platform that provides organizations with real-time visibility into their perimeter. The combination of the two platforms will enhance the value that customers receive from Bugcrowd by bringing best-of-breed asset discovery and monitoring to multiple use cases. Informer’s expert-led penetration testing capability and ASM platform will strongly complement Bugcrowd penetration testing services and its existing Attack Surface Management offering (Bugcrowd ASM Risk) powered by the hacker community.
“Informer’s ASM SaaS platform, and penetration testing capabilities will further enhance Bugcrowd’s AI-powered crowdsourced security platform,” said Tanya Gay, Chief Operating Officer at Bugcrowd. “Informer’s customers will continue to have access to Informer’s platform and products without service disruption. Our combined world-class portfolio of offerings will be fully integrated by Q3 and available globally to further support both of our customers’ continual threat and exposure management programs.”
Powered by the crowd, Bugcrowd unleashes the ingenuity of the global hacker community for proactive cybersecurity. The addition of Informer strengthens Bugcrowd’s ASM and penetration testing offerings with the integration of the Informer ASM platform into the Bugcrowd Platform, making the continuous threat exposure management vision real for customers. More information about Informer can be found here. To learn more about Bugcrowd, visit www.bugcrowd.com.
About Bugcrowd
We are Bugcrowd. Since 2012, we’ve been empowering organizations to take back control and stay ahead of threat actors by uniting the collective ingenuity and expertise of our customers and trusted alliance of elite hackers, with our patented data and AI-powered Security Knowledge Platform™. Our network of hackers brings diverse expertise to uncover hidden weaknesses, adapting swiftly to evolving threats, even against zero-day exploits. With unmatched scalability and adaptability, our data and AI-driven CrowdMatch™ technology in our platform finds the perfect talent for your unique fight. We are creating a new era of modern crowdsourced security that outpaces threat actors.
Unleash the ingenuity of the hacker community with Bugcrowd, visit www.bugcrowd.com. Read our blog.
“Bugcrowd”, “Informer”, and “Security Knowledge Platform” are trademarks of Bugcrowd Inc. and its subsidiaries. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.
ContactLumina Communications for [email protected]@luminapr.com
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Artificial Intelligence
Precisely Empowers Generali Real Estate to Drive AI Innovation with Trusted Data
Precisely Points of Interest data helps fuel groundbreaking City Forward® technology, transforming real estate with artificial intelligence
BURLINGTON, Mass., May 23, 2024 /PRNewswire/ — Precisely, the global leader in data integrity, today announced that Generali Real Estate, one of the world’s leading real estate asset managers, relies on Precisely for its unparalleled data enrichment expertise. Precisely Points of Interest (POI) data helps Generali Real Estate unlock greater context from location data and fuel artificial intelligence (AI) advancements transforming the real estate market.
When Generali Real Estate became one of the first real estate asset managers to establish a dedicated division for AI and machine learning (ML) innovation, its first task was to disrupt the traditional decision-making processes that usually inform precise investment strategies. Standard real estate metrics often do not reveal the reason for significant variances in the value of different assets, even when very similar assets are located only within a few streets of each other. In fact, the team discovered that as much as 60% change in value, observed over a seven-year period, could not be explained without additional data inputs.
To address these challenges, Generali Real Estate developed City Forward®, an innovative cloud-based location intelligence platform for real estate investment managers to make smarter decisions powered by highly accurate AI-driven insights. To achieve this at scale throughout Europe required navigating the changing and diverse characteristics of different cities while maintaining maximum levels of data integrity.
City Forward leverages Precisely Points of Interest data, alongside data from other third-party providers, to deliver comprehensive information on business locations, leisure hot spots, and other geographic features – revealing hidden insights on real estate assets. Precisely POI data is also uniquely geocoded leveraging the Precisely portfolio of market-leading geo addressing solutions, ensuring customers are equipped with the most accurate location and address information possible.
“Ultimately, without data context, there is no such thing as AI in the field of location intelligence,” said Costanza Balboni Cestelli, Head of Data Intelligence and Innovation at Generali Real Estate. “Precisely provides us with access to accurate, consistent, and contextual enrichment data that helps power our AI/ML models in a way that is both scalable and reliable.”
The City Forward platform uses over 800 variables and 30 different AI/ML models to deliver intelligence for investment analysis and real estate valuation, including sustainability considerations such as carbon emissions and climate action. Insights from Precisely POI data also help power the platform for a broader range of important uses, including retail site selection, urban planning, geo-targeted marketing, and more.
Research shows that 94% of business leaders agree AI is critical to success over the next five years, but despite this, 4% of leaders believe their data is not AI-ready. It highlights a concerning disconnect between the growing rates of AI adoption and levels of confidence in the data feeding the models behind it.
“For trusted AI, you need data integrity, and that means ensuring the accuracy, consistency, and context of the data fueling AI models,” said Tendü Yoğurtçu, PhD, Chief Technology Officer at Precisely. “To ensure trusted business decisions powered by AI, it’s crucial for organizations to be able to integrate data at the speed it’s needed, understand and govern its responsible use, observe and improve its quality, and enrich it for maximum context.”
Precisely offers a unique combination of software, data, and data strategy services to help businesses worldwide leverage trusted data for advanced analytics and AI initiatives. The company’s comprehensive data enrichment portfolio contains over 400 datasets and more than 9000 attributes, including POI datasets, to help customers unlock the true potential of their data.
Learn more about the importance of data integrity for trustworthy AI outcomes or register for the upcoming Predictive Powerhouse: Elevating AI Accuracy and Relevance with Third-Party Data webinar being hosted in partnership with the Generali Real Estate team.
About Generali Real Estate
Generali Real Estate S.p.A. is one of the world’s leading real estate asset managers with around €37.4 billion of assets under management as of end of 2023. It leverages the expertise of more than 370 professionals, with operating units located in the main European cities.
The company’s integrated business model covers the full scope of asset management activities and the entire real estate value chain. A series of cross-border investment vehicles, managed by the specialized asset manager Generali Real Estate S.p.A. Società di gestione del risparmio, aims to create long-term value for investors with a core/core +profile by investing in assets characterized by good locations, high liquidity and strong underlying leasing dynamics. The portfolio under management comprises a unique mix of historical and modern properties, ranging from landmark buildings to new architectural masterpieces, which has enabled the company to develop best-in-class skills in the fields of sustainability, urban development and technological innovation.
Generali Real Estate is part of the Generali Investments ecosystem of asset management firms. Learn more at www.generalirealestate.com.
About PreciselyPrecisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 99 of the Fortune 100. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.
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