Winning cyber risk solution of the year marks a successful 12 months for Israeli cyber risk quantification provider Kovrr.

The cyber risk modeller, along with US cybersecurity ratings company BitSight, won cyber solution of the year in InsuranceERM's 2021 Americas awards.

In the latter half of last year, it formed a partnership with Aon following increased demand from clients for data-driven insights on cyber exposures. During this period, Kovrr also launched its CRIMZON framework, which is designed to help re/insurers measure and manage the impact of systemic cyber risk events.

The tool expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment, trend analysis and event response.

The judges praised Kovrr for enabling insurers and enterprises to better understand, financially quantify and manage cyber risk.

For example, Kovrr's Quantum Cyber Risk Quantification Platform uses a catalogue of hundreds of thousands of simulated systemic and targeted events, varying from a cloud provider outage in a specific territory, to massively distributed global ransomware attacks and other tail events.

Kovrr says Quantum can help insurers make more precise decisions about managing their cyber risk, prioritising new technology investments, and measuring the ROI of those investments in specific controls or programmes.

Kovrr's co-founder and chief executive Yakir Golan tells InsuranceERM he believes the threat of ransomware attacks will remain constant in 2022.

"The sophistication of the ransomware attacks will increase. Furthermore, as cloud technology and SaaS solutions are adopted, I believe we will see other attack vectors that are more cloud oriented."

There will also be growth in the reliance of third parties for data and modelling services as insurers and enterprises become aware of the challenge in assessing cyber risk, comments Golan. "We will also see the maturity levels of [risk] models increase."

Overall, Golan says 2021 was a great year for Kovrr with tremendous growth. "We got more than 10 new clients on the insurance side and dozens of new clients on the enterprise side. We also more than doubled our team. It's an exciting time."