London, UK - 11 April 2019: Delta Insurance (NZ) are DynaRisk’s first preferred partner in the Asia Pacific region and as a result, will offer their clients enhanced cyber insurance solutions that include technology. Delta Insurance customers will have access to DynaRisk’s Cyber Security Score technology as part of any personal or SME cyber insurance policy. Insurance brokers in the region will also have access to the company’s Cyber Risk Finder solution.
The partnership marks the beginning of a regional drive to include innovative technology solutions into cyber insurance products. The annual economic cost of cyber crime is predicted to cost the world $6 trillion annually by 2021, up from $3 trillion in 2015, according to Cybersecurity Ventures.
“The Asia Pacific market is a fast paced and growing market that we have been looking to enter for some time. Delta Insurance is well placed to help us meet this objective with their significant and growing presence in New Zealand, Singapore and Hong Kong.” said Andrew Martin, CEO and founder of DynaRisk. “We welcome the new partnership as a significant step towards better protecting insured clients against ever increasing cyber threats”.
Delta Insurance New Zealand Chief Executive Officer Craig Kirk says cyber-attacks increased 205% last year in New Zealand and, tellingly, individuals bore the brunt of 65% of the financial losses reported in 2018 to CERT NZ, the New Zealand Government’s cyber-attack monitoring department. One-in-five of the 3445 cyber-breaches incurred a financial loss; total losses for 2018 came to $14 million – “and that was only those matters reported; inevitably this is likely to be the tip of the iceberg,” he says. “Netsafe reported that the losses were around $33 million from 13,000 instances of scams or fraud.” Currently 82% of losses from cyber-attacks are not reimbursed, and victims take on average nine hours to recover, says Kirk. “Businesses can lose whole days of trading.”
While cyber-insurance isn’t new, the combination of insurance and risk mitigation in this part of the world is, says Pollard. “We’ve been involved in cyber-insurance for some time but we’ve been concerned there hasn’t been much in the way of proactive and user-friendly, upfront protection against cyber-crime available.
“We’re passionate about this area and have been looking for some time for a product like DynaRisk, which mitigates risk by providing an initial assessment of the current state of exposure and then provides practical, guided steps that customers can take to improve their risk position. While we can provide DynaRisk independently of an insurance solution, it also sits perfectly with a robust insurance package for those hopefully rare occasions when breaches do occur. We’re thrilled to have entered into this exclusive partnership with DynaRisk in the Asia-Pacific and Australasian region.”