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CORRECTING AND REPLACING: HUB Security Launches a Confidential Computing Cyber Solution for the Insurance Industry
Partners with Zurich-Based Virtual I Technologies Insurtech Player for Introducing the Solution on a Global Basis --News Direct--HUB Cyber Security Ltd (HUB
About this update from Hub Cyber Security Ltd.
[{"type":"text","content":"Partners with Zurich-Based Virtual I Technologies Insurtech Player for Introducing the Solution on a Global Basis\n--News Direct--HUB Cyber Security Ltd (HUB Cyber Security Ltd (NASDAQ: HUBC), a developer of Confidential Computing cybersecurity solutions and services (\"HUB\" or the \"Company\"), today announced a unique cyber risk management solution that seeks to allow insurance carriers and reinsurers to effectively evaluate, price and underwrite cyber insurance policies. The solution provides insurers with a secure file vault that greatly reduces the chances of being attacked and minimizes potential damage due to lost or corrupted data. As a result, insurance based on this technology redefines the addressable market potential as it can be much more affordable.HUB provides advanced cyber protection for data at rest, data in transit, and mainly - data while in use - a time when data cannot be encrypted and is at its most exposed phase. The timing for HUB’s solution may provide the insurance industry with an immediate answer to the growing number of cyber and ransomware incidents. Ransomware attacks are the most common form of malware with approximately 304 million incidents in 2021 and growing at a staggering rate of nearly 100% in 2022, with 603 million attacks. Even more notable, nearly all companies, regardless of size are affected, with 76% of all organizations worldwide suffering one or more ransomware events in 2021 according to TechTarget. Because of this significant risk, companies in highly regulated industries, such as banking, insurance, and healthcare, are often required by partners, regulators, and lenders to hold cyber insurance. Yet due to the historical challenge of protecting against cyber incidents, strict policy underwriting has limited the number of companies that are able to obtain adequate coverage. For those who qualify, premiums are often cost-prohibitive. Increasingly, many traditional cyber insurance carriers are rethinking even offering this insurance, leaving the market exposed. HUB is working with Virtual I Technologies (“VIT”), a Zurich-based InsurTech to provide an affordable and easy-to-deploy security bundle that includes HUB technology. HUB together with its partner has created a risk management solution for carriers to offer their insureds that includes a secure file vault licensed as a Platf...