Canopius seals the deal on market-first cyber partnership with Group-IB

Canopius seals the deal on market-first cyber partnership with Group-IB | Insurance Business Asia

Cyber

Canopius seals the deal on market-first cyber partnership with Group-IB

Initiative will empower underwriters to better evaluate and respond to risks

Global specialty re/insurer Canopius Group has unveiled a strategic partnership with Group-IB to enhance Canopius’ cyber insurance offerings by integrating advanced threat intelligence capabilities.

This collaboration marks Group-IB’s first full-service partnership with a Lloyd’s of London syndicate. It will equip Canopius policyholders with additional layers of protection and intelligence, including enhanced risk assessments, real-time threat notifications, and strategic approaches to threat mitigation.

The initiative also enables Canopius’ underwriters to better evaluate cyber risks and perform comprehensive assessments. The specialty re/insurer noted that this enhanced capacity for analysis will provide more precise and cost-effective insurance solutions to clients by offering quantitative insights into the financial advantages of specific security measures.

Canopius’ threat intelligence team, which already collects detailed data from various sources such as attack methods and technical impact information from the internal cyber incident management team, claims data, and open-source feeds, will now be augmented with additional data from Group-IB. This includes adversary intelligence, information on vulnerabilities and malware, and visibility into the dark web.

Matt Northedge, global head of cyber at Canopius, noted the unique structures of each organisation when it comes to exposures and threats.

“This partnership combines the expertise of Group-IB’s threat intelligence analysts with Canopius’ insurance and risk management knowledge to offer an exceptional technical approach to cyber risk management,” he said. “In joining our capabilities, we have developed an intelligence-led model and product, offering an unparalleled perspective on the cyber threat landscape for our clients.”

Dmitry Volkov, CEO of Group-IB, also commented on the collaboration, highlighting the growing trend of cyberthreats and the necessity of threat intelligence in building resilience.

“Group-IB is committed 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) around the globe. We are confident that our partnership with Canopius will enable round-the-clock visibility, vigilance, and cyber threat profiling necessary for effective cyber risk management,” Volkov said.

This new partnership comes shortly after the announcement of Canopius Group’s financial results for 2023, with the re/insurer underscoring growth and profitability across its segments.

What are your thoughts on this story? Please feel free to share your comments below.