Cyber managing general agent (MGA) Onda has announced a groundbreaking two-year partnership with Panorays, a cybersecurity firm, to enhance its cyber insurance offering.
Panorays, recognised as a top provider in The Forrester Wave™ 2024 report, will integrate its advanced cyber risk assessment tool into Onda’s platform, transforming how the company evaluates insurability against cyber threats.
According to a news release, this partnership marks a significant development in Onda’s efforts to streamline underwriting processes. With the integration of Panorays’ AI-driven platform, Onda will be able to eliminate the need for lengthy application forms and provide brokers and customers with real-time, comprehensive risk data. As a result, customers gain a deeper understanding of their external attack surface and monitor risks posed by third-party relationships in their supply chains.
“The tools offered by Panorays complement our existing technology and strengthen our cyber insurance products for a market-leading offer,” said Alex Jomaa (pictured), chief underwriting officer at Onda.
“Our goal is to simplify cyber insurance by using this technology to rapidly determine insurability, rather than attempting to perform deep assessments of a client’s defensibility.”
Panorays’ platform uses cutting-edge AI technology to monitor and manage third-party cyber risks, noted the news release. As cyber threats continue to grow in complexity, particularly those linked to third-party vulnerabilities, this partnership aims to offer a more robust and efficient insurance solution to the market.
Demi Ben-Ari, co-founder and CTO of Panorays, emphasised the significance of this collaboration in enhancing cybersecurity across the insurance industry. “By combining our technologies, we are enhancing the cyber insurance process, enabling faster, more accurate evaluations of insurability, and ultimately delivering stronger, more secure offerings to the market,” he said.
The partnership is expected to benefit Onda’s clients by accelerating the submission process and offering greater transparency into their cyber risks.
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