Corvus Insurance Unveils Cyber Risk Prevention Solution
by Dan Kobialka • May 25, 2023
Corvus Insurance policyholders and brokers can use the new Corvus Signal cyber risk prevention solution to reduce the frequency and cost of data breaches, according to the company.
For more than three years, Corvus worked with brokers and policyholders to develop Corvus Signal, the company said.
Commenting on this collaboration, Corvus CISO Jason Rebholz said:
“We found, through extensive experience working with policyholders, that a partnership-based approach combining personalized cyber threat insights and risk advisory services is the most effective way to curb cyber risk for organizations. The impressive results we’ve observed serve as validation that our approach holds up through major shifts in cyberattack trends.”
What Corvus Signal Offers
Key features of Corvus Signal include:
- Threat intelligence and alerts delivered the same day a new threat is discovered
- Security advice from Corvus experts to help users establish security priorities and get the most value out of their security investments
- A proprietary platform that provides users with access to scan findings, threat alerts and self-guided security assessments
The estimated equivalent value of all services available from Corvus Signal is $86,000 per year, according to Corvus.
Corvus Policyholders Reap the Benefits of Corvus Signal
To date, at least one healthcare services company has been using Corvus Signal to identify and address network security gaps, Corvus stated. This company has utilized Corvus Signal insights to bolster its network security and security awareness program.
In addition, in the past three years, policyholders that used Corvus Signal in the past three years saw a nearly 20% lower frequency and cost of data breaches, the company indicated. Also, Corvus Signal helped Corvus achieve a U.S. industry-leading loss ratio of 36% in 2022, the company said.
Corvus is available free of charge to the company’s policyholders and brokers. Furthermore, Corvus is exploring incentives to reward policyholders and brokers that use Corvus Signal, the company noted.
A Closer Look at Corvus
Corvus offers specialty insurance products to organizations in the United States, Middle East, Europe, Canada and Australia. Along with Corvus Signal, Corvus offers Smart Cyber Insurance and Smart Tech E+O Insurance smart cyber risk solutions.
Smart Cyber Insurance is backed by artificial intelligence, data science and industry expertise, Corvus said. Meanwhile, Smart Tech E+O Insurance offers coverage for accounts with up to $1 billion in annual revenue and limits up to $5 million.
Corvus has distribution partnerships in place with “affinity platforms, aggregators, business services providers and insurance brokerages,” the company indicated. It does not offer a channel partner program but may look to develop and launch one in the future.