Canopius Group, a global specialty re/insurer, has forged a significant alliance with Group-IB, aimed at bolstering Canopius’ cyber insurance offerings through the integration of advanced threat intelligence capabilities.
This groundbreaking collaboration signifies Group-IB’s inaugural full-service partnership with a Lloyd’s of London syndicate. It is poised to furnish Canopius policyholders with added layers of safeguarding and intelligence, encompassing augmented risk assessments, real-time threat notifications, and strategic methodologies for threat mitigation.
The initiative is set to empower Canopius’ underwriters in conducting more robust evaluations of cyber risks and executing comprehensive assessments. The re/insurer has emphasized that this heightened analytical capacity will enable the provision of more precise and economical insurance solutions to clients by furnishing quantitative insights into the financial benefits of specific security measures.
Supplementing Canopius’ existing threat intelligence team, which already harnesses detailed data from various sources such as attack methodologies, technical impact information from the internal cyber incident management team, claims data, and open-source feeds, will be additional data from Group-IB. This will encompass adversary intelligence, intelligence on vulnerabilities and malware, and visibility into the dark web.
Matt Northedge, the global head of cyber at Canopius, underscored the distinct configurations of each organization concerning exposures and threats. He remarked, “This partnership amalgamates the expertise of Group-IB’s threat intelligence analysts with Canopius’ insurance and risk management acumen to provide an exceptional technical approach to cyber risk management. By amalgamating our capabilities, we have devised an intelligence-led model and product, furnishing an unparalleled perspective on the cyber threat landscape for our clients.”
Dmitry Volkov, CEO of Group-IB, also weighed in on the collaboration, underscoring the escalating trend of cyber threats and the imperative nature of threat intelligence in fortifying resilience. “Group-IB is dedicated to delivering multi-sourced and tailored insights from its threat intelligence teams, Digital Forensics and Incident Response (DFIR) labs, alongside our Digital Crime Resistance Centers (DCRCs) worldwide. We are confident that our partnership with Canopius will facilitate round-the-clock visibility, vigilance, and cyber threat profiling necessary for effective cyber risk management,” Volkov remarked.
This innovative partnership follows swiftly on the heels of Canopius Group’s disclosure of its financial results for 2023, wherein the re/insurer underscored growth and profitability across its segments.
