The insurance industry has long taken a reactive approach to cyber risk, responding to incidents only after they occur. But as cyber threats become more frequent, complex, and costly, this approach is no longer sustainable.
For MGAs managing portfolios of commercial policyholders, the ability to proactively identify, assess, and mitigate cyber risks before they materialise has become a critical differentiator.
Our data indicates a 324% increase in recorded ransomware attacks from 2020 to 2024. Recent high-profile incidents involving companies like M&S, Co-op, and Harrods highlight the evolving nature of cyber risks, which pose a significant threat to businesses of all sizes.
The good news? Proactive cyber risk management is not only possible, it’s also scalable, thanks to ongoing portfolio monitoring solutions like Breach Check by DynaRisk.
The Case for Proactive Cyber Risk Monitoring
Relying on incident response alone is like offering flood insurance without ever looking at rising water levels. By the time the damage is done, it's too late to protect the insured and the underlying performance of the insurance product.
Shifting to a proactive approach involves:
- Continuous portfolio monitoring to detect vulnerabilities and exposures in real-time.
- Risk assessments that inform underwriting decisions and risk selection.
- Embedded cyber risk management tools that empower both commercial and personal lines policyholders to fix risks before they turn into claims.
This isn’t just about managing risk, it’s about growing your book of business profitably. MGAs that can demonstrate a proactive risk management strategy will not only protect profitability, but also win more business by delivering tangible value to brokers and clients.
Breach Check: Powering Proactive Risk Management at Scale
Breach Check by DynaRisk helps MGAs see exactly where cyber risks are hiding within their commercial portfolio. It continuously monitors their policyholders for exposed data, vulnerable systems, and hacker activity that could indicate a future attack.
Our platform taps into our unique, industry-leading dataset, tracking stolen data, hacker activity, and vulnerabilities across millions of businesses worldwide. This means MGAs get early warnings when a client’s digital footprint is putting them at risk, so they can take action before a breach happens.
This depth of intelligence allows MGAs to identify which of their policyholders are exposed to potential attacks, enabling timely intervention before incidents occur.
The Impact: Real Business Benefits for MGAs
MGAs who have embedded proactive cyber risk monitoring into their operations are seeing real improvements across their business. From increasing quote volumes and improving conversion rates to enhancing customer engagement and reducing loss ratios, the benefits extend across the entire value chain.
Unlocking New Markets and Growth Opportunities
Beyond managing risk, proactive monitoring opens doors to new business opportunities. Breach Check equips MGAs with the insights needed to:
- Identify underserved market segments where cyber exposure is high but coverage is low.
- Strengthen conversations with brokers and capacity providers, positioning the MGA as a forward-thinking, risk-conscious partner.
- Tailor offerings to specific industry verticals, using intelligence-driven risk data to craft compelling value propositions.
Proactive MGAs are no longer just selling insurance; they’re delivering cyber resilience strategies that protect businesses and add meaningful value to every policy sold.
The Future is Proactive, Are You Ready?
Cyber risk management is evolving, and MGAs must evolve with it. Waiting for breaches to happen is no longer an option. By embedding proactive risk monitoring into your business, you not only protect your portfolio but also create new growth opportunities, improve engagement, and strengthen your market position.
At DynaRisk, our cyber risk monitoring and cyber risk management solutions are designed to assist MGAs in leading the shift from reactive to proactive. Find out more, or get in touch for a demo of our solutions: www.dynarisk.com