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20,412
2022-01-01 to 2022-03-31
Collaborative R&D
This project will test the market and technical feasibility of a data-drive dynamic cyber-insurance platform in the Brazilian market. Developed by CyberSeguro - a London-based start-up, the solution is based on a comprehensive, holistic and automated risk assessment tool that enables the identification of the likelihood and impact of cyber risk. Cyberseguro's solution can enable insurance providers to custom coverage targeted at tangible risks and liabilities that companies are exposed to. The project focus country will be Brazil. The Latin American country is one of the world's biggest economies and has seen rapid growth in the cyber-insurance market driven by a rise in cyber-attacks generated by increased digitisation and stimulated by the COVID-19 pandemic. Strong growth in the cyber-insurance market is also a response to the advent of Brazil's new Data Privacy and Protection Law (LGDP). Despite the opportunity, the Brazilian market is still in its early stages of development and therefore largely untapped offering lower levels of competition. The project will allow the CyberSeguro to work with the largest network of insurance brokers in Brazil, Grupo A12+ and other local partners, to carry out an initial adaptation of the platform to Brazil's regulatory environment, consolidate partnerships, establish an evidence-based understanding of the willingness to pay and most viable revenue and business models in the country, as well as a roadmap for commercialisation. The project will accelerate CyberSeguro's access to the Brazilian market and generate considerable revenue growth and job creation within 2 years after the completion of the study. In the long-term, the project has the potential to facilitate CyberSeguro's expansion to other Latin American countries through our established presence in Brazil and the consolidation of strong partnerships and networks in Brazil. The project will be implemented by CyberSeguro with local and in-kind support from Grupo A12+, the largest network of insurance brokers in Brazil, the multinational group working in cybersecurity Thales, Willis Towers Watson - British global multinational risk management, insurance brokerage, and advisory company.