Eye Security launches insurance solution for SMEs
The Hague, 9 May 2022 - After two years of exponential growth, Eye Security has taken the next step in the fight against cyber crime. From today, cyber security scale-up Eye Security will be able to offer an insurance solution via its new entity Eye Underwriting, making it the first European insurtech to be able to fully protect and insure companies against cyber damage within 24 hours.
It is becoming more and more difficult to insure against cyber damage. A lot of companies and even entire sectors have become uninsurable due to the huge increase in the number of cyber attacks. Insurers are withdrawing from the market or increasing premiums by as much as 800%. In addition, the process of getting insurance is an extremely lengthy one due to the amount of information that insurers need in order to carry out a risk assessment. As a result, SMEs are on their own.
Companies insurable again
Eye Security can resolve this problem by providing a total package that combines security technology with comprehensive insurance to protect companies against the costly consequences of cyber attacks. The data-driven solution makes it possible for companies to be fully protected and insured within 24 hours. Job Kuijpers, CEO at Eye Security: “We have now proven that the only way to drastically reduce the risk of a cyber attack is through a combination of specific technical measures. We have the right data to enable us to carry out risk assessment quickly and more efficiently and as a result, insure companies directly. So we can completely take away companies’ worries about cyber risk.”
Over the past few months, the company has been working behind the scenes to obtain all the licences required and find risk bearers. This has involved Eye Security collaborating with reputable parties such as Hiscox and Aon.
To provide companies with full protection, cyber insurance will always be combined with Eye Security’s total package. This allows threats to be detected and blocked, companies to be given cyber advice every year and direct intervention to take place in the event of incidents in order to limit damage. Arjan Halma, Managing Director at Eye Underwriting: “Another benefit is that we can advise companies based on real-time data and intervene directly in the event of vulnerabilities to eliminate the systemic risks that insurers are afraid of. ”
Modern approach to cyber crime
Eye Security’s combination of smart technology and insurance sets it apart from traditional cyber security companies. Job Kuijpers: “We are continuously adapting to a changing digital landscape that calls for smarter data-driven solutions. Only by taking this approach can we seriously combat ransomware and make SMEs – and thus the Dutch economy – more resilient.”
About Eye Security
Eye Security was set up in 2020 by Piet Kerkhofs (CTO), Vincent van de Ven (COO) and Job Kuijpers (CEO). After years spent working for the Dutch intelligence and security services (AIVD and MIVD), they are now focusing on using their knowledge and expertise to protect SMEs in Europe against cyber attacks. Their effective and affordable total solution combined with cyber insurance has made the cyber threat manageable for SMEs. Eye Security now has a team of 60 people from both the cyber security and insurance industry, all of whom share a passion for fighting (digital) crime. Eye Security recently received an investment of 4.5 m from TIIN Capital’s Dutch Security TechFund.
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