Cyberwrite Chosen By Samsung Fire & Marine Insurance To Enhance Cyber Insurance Capabilities
KUALA LUMPUR, June 3 (Bernama) -- Cyberwrite has entered into a partnership with Samsung Fire & Marine Insurance (SFMI) to strengthen the insurer’s cyber insurance capabilities.
According to Cyberwrite in a statement, the collaboration will focus on strengthening SFMI’s ability to assess the probability and economic impact of cyber attacks across its portfolio and manage catastrophic risk.
Cyberwrite chief executive officer (CEO), Nir Perry said this collaboration signals a growing demand for smarter, data-driven cyber insurance solutions.
“We are honoured to support Samsung’s cyber insurance initiatives with the highest technology innovation and service standards,” he said.
Meanwhile, SFMI Team Lead of Casualty & Specialty Underwriting, Dongjoo Lee said Cyberwrite empowers SFMI teams with predictive analytics that improve both underwriting and sales decisions.
The partnership follows a rigorous evaluation process conducted by Samsung Financial C-Lab Outside, where Cyberwrite stood out for its expertise in next-generation cyber catastrophe modelling, artificial intelligence (AI)-driven real-time cyber underwriting analytics, and broker enablement abilities.
The integration of Cyberwrite’s technology will allow SFMI to more effectively quantify the financial impact of cyber threats and manage catastrophic exposures.
Cyberwrite’s platform, 4SEEN, leverages patented AI algorithms to analyse and predict the potential consequences of cyber incidents on businesses of all sizes. Active in over 50 countries and available in eight languages, the platform provides instant access to risk intelligence on more than 320 million companies globally.
This alliance is timely, as the global cyber insurance market is expected to grow significantly—from approximately US$16 billion in premiums in 2025 to over US$40–US$50 billion by the end of the decade, according to industry projections. This surge is fuelled by the increasing frequency and severity of cyberattacks, with cybercrime damages forecasted to hit US$10.5 trillion annually by 2030. (US$1=RM4.21)
As SFMI expands its global cyber offerings, the partnership is poised to set new standards in underwriting precision and portfolio risk management. Samsung will showcase the Cyberwrite platform at the upcoming Korea International Insurance Conference scheduled on June 4 to 5, while Cyberwrite CEO Perry will speak on the topic of cyber risk quantification at ITC Asia in Singapore on June 4.
-- BERNAMA