Cybersecurity firm, Intersys, expands its business in India, emphasizing on managing cyber risks.
Intersys India Bolsters Cyber Insurance Market with Robust Cybersecurity Services
Intersys, a UK-based provider of cyber risk management solutions, has expanded its operations to India with the launch of its Mumbai office. Led by Tanmay Gore, the new venture offers "Cyber Security as a Service," which includes baseline cyber risk assessments and continuous cyber monitoring [1].
This service is designed to help insurers and brokers more accurately assess and price cyber risks, especially for organizations that lack dedicated IT security resources. By identifying vulnerabilities before policy binding, Intersys strengthens policyholder resilience and reduces claims risk [2].
The continuous monitoring services ensure that insured organizations maintain strong security postures throughout the policy term, facilitating smoother policy renewals and reducing overall loss frequency and severity [2]. This approach empowers underwriters and brokers to confidently issue cyber policies backed by robust data and risk controls.
Matthew Geyman, Managing Director of Intersys, highlighted that clients using their UK-based cyber risk mitigation practices are ten times less likely to experience cyberattacks than the national average [1]. By applying these best practices in India, local brokers and underwriters can enhance the insurability of their SME policyholders. As insured clients improve their security, they become better risks, unlocking profitable growth opportunities for insurers and brokers alike [1].
Intersys' impact in India is twofold: - It empowers brokers and reinsurers to expand their cyber insurance business confidently by providing reliable, actionable cyber risk information and ongoing risk management support. - It improves the cyber risk profiles of policyholders by driving practical cybersecurity improvements, which lowers claims and reinforces insurer profitability.
Intersys' model of embedding cyber security best practices within the insurance journey is proven in mature markets like the UK. As the world grapples with a wave of high-profile cyber attacks affecting major organizations, Intersys' expansion into India marks a significant step in bolstering the country's cyber insurance market [3].
References: [1] Intersys Press Release, 2021 [2] The Economic Times, 2021 [3] Forbes, 2021
- Intersys' expansion into India with their Mumbai office introduces a new level of innovation in the cyber insurance market, as they offer "Cyber Security as a Service" to empower brokers and insurers with robust cybersecurity services for more accurate risk assessment and pricing.
- The continuous monitoring services provided by Intersys not only help maintain strong security postures among insured organizations, but also facilitate smoother policy renewals by reducing claims risk and overall loss frequency and severity.
- By applying proven cyber risk mitigation practices from mature markets like the UK, Intersys' India venture aims to enhance the insurability of local SME policyholders, decrease cyberattacks, and unlock profitable growth opportunities for insurers and brokers.
- With the increasing risk of high-profile cyber attacks, Intersys' approach of embedding cybersecurity best practices within the insurance journey can play a significant role in addressing and bolstering India's cyber insurance market, thus driving regulation and progress in cybersecurity for businesses that rely on technology.
