Cloud risks require new risk management and mitigation strategies. But with the recent outages like CrowdStrike, we see many companies ignore these risks rather than trying to understand them. President of Univention NA, Kevin Dominik Korte warns If we neglect IT, we are on course for a digital 'cancel culture'. At Parametrix, we recognize the critical need for a new approach to managing cloud risks. We are committed to advancing our technology and data analytics in order to foster growth and development of the cyber (re)insurance, as well as help businesses to effectively address and protect against emerging digital threats. Forbes Read the full article here: https://lnkd.in/dMmMR-37 #IToutage #cloudrisk #riskmanagement
About us
Parametrix is the leading provider of cloud monitoring, modeling, and insurance services. We create cutting-edge tools and models that enable companies, insurers, and reinsurers to quantify, manage, and transfer their exposure to cloud outage risk with unparalleled accuracy. Parametrix is comprised of two separate divisions: Parametrix Analytics Parametrix Analytics is a risk consultancy that serves as a modeling, calculating and reporting agent for cloud outage catastrophe bonds (ILS) and reinsurance solutions. Parametrix Insurance Parametrix is a Managing General Agent, underwriting cloud outage insurance with parametric triggers that provide enterprise clients with instant insurance quotations and streamlined claims payments delivered within days. Parametrix is a Lloyd's Coverholder whose policies are backed by major A-rated global insurers. Parametrix is powered by proprietary cloud monitoring technology, which actively monitors third-party cloud services worldwide, collecting billions of granular data points on service interruptions. The combination of advanced monitoring capabilities and sophisticated data analytics allows Parametrix to accurately assess and insure cloud outage risk.
- Website
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http://www.parametrixinsurance.com
External link for Parametrix
- Industry
- Insurance
- Company size
- 11-50 employees
- Headquarters
- New York
- Type
- Privately Held
- Founded
- 2019
- Specialties
- insurtech, insurance, cloud insurance, cyber insurance, parametric insurance, business interruption insurance, risk management, cloud outage, systemic risks, cyber risks, cyber catastrophe, risk modeling, third party risk management, Cyber Risk Management, Continuous Monitoring, Cyber risk aggregation, Vendor Risk Management, Cyber Systemic Risk Management, Cloud, insurance-linked securities, ILS, and Cyber ILS
Locations
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Primary
419 Park Ave S
New York, 10016, US
Employees at Parametrix
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Tamir Carmel
Founder of 10bis, Co-founder of Parametrix Insurance
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Sharon H.
Parametrix Analytics- the Cloud Risk #1 experts || Chairman @ SHVA - the Payments Arena
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Sal Cascino
Northeast Regional Manager at Parametrix
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Tessa Culbertson
Branding • Communications Planner • Creative Marketer • BD Specialist
Updates
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Identifying new opportunities to help clients with emerging risks remains a key focus for global reinsurer, Hannover Re, citing "Cumulus Re" as a prime example. In April 2024, the firm issued the first-ever parametric cloud outage catastrophe bond "Cumulus Re" with modelling of the cyber risks undertaken by Parametrix. Data and analytics play a crucial role in developing innovative solutions, like parametric cat bonds, that help cyber (re)insurers to better manage, mitigate, and transfer complex and evolving risks. Read more about it here: https://lnkd.in/eVPj4Bsc #cloudoutage #catbond #cyberils
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Parametrix reposted this
The CrowdStrike Falcon/Microsoft Windows outage earlier this year was a reminder of the systemic loss potential for cyber re/insurers. Combining our cyber expertise with Parametrix's insights into cloud outage risk, the Diversifying Cloud Risk report sheds light on the complexities of cloud infrastructure around the world, so re/insurers can grow their cyber exposures and optimise their portfolio mix more strategically. Read the full report here: https://aon.io/475pRxK #cyber #risk #reinsurance
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Joint research by Aon and Parametrix finds potential to diversify one of the key sources of accumulated risk that cyber (re)insurers face today- the cloud. Portfolio risk of systemic events can be reduced through geographical diversification in two main ways: 1. Insure companies that use a mix of different cloud regions 2. Insure companies who have built redundancy into their cloud infrastructure Together with Aon, Parametrix Analytics leverages proprietary portfolio-scanning and infrastructure analysis tools to assess the performance and interdependencies of critical third-party services in the digital supply chain. You can read more about our approach here: https://lnkd.in/d367m9Cg Aon's Reinsurance Solutions #cloudoutage #systemicrisk #cyberinsurance #cyberanalytics #reinsurance
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New research conducted by Aon and Parametrix shows that portfolio risk of systemic cloud outage events can be reduced through geographical diversification in two main ways: 1. Insure companies that use a mix of different cloud regions 2. Insure companies who have built redundancy into their cloud infrastructure While the cloud is one of the key systemic risks in cyber insurance, the extent to which it can be diversified had yet to be quantified. This paper aims to initiate a new conversation on mitigating the effects of systemic cyber events on a portfolio and support new risk transfer solutions. Download it today: https://lnkd.in/d6wuRxPr Daniel Benjamin Avishy Berg Sharon H. Crystal Boch, ACAS Peter Zimmerli Paula M. Lawrence Chang Rory Egan #cloudoutage #systemicrisk #cyberinsurance #cyberanalytics #reinsurance
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Parametrix is searching for a Product Manager. We are looking for a highly motivated individual to further develop "Infrasight", Parametrix' cloud infrastructure scanning platform. Play a pivotal role in advancing our cutting-edge technology is driving the future of risk management in insurance! Apply here: https://lnkd.in/dmf43_wa
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AI and Cloud top the list of relevant technology trends for companies in 2024, according to Munich Re's Cyber Risk and Insurance Survey. As companies increasingly rely on these technologies for core functions, understanding and managing associated risks is critical for businesses because disruptions or failures in these technologies can lead to significant operational, financial, and reputational damage. Read the full report here: https://lnkd.in/ge-8ueQS #ai #cloud #riskmanagement
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Advanced data and analytics enables better alignment between the triggers and actual losses of parametric cat bonds, leading to more reliable payouts and increased confidence among sponsors, capacity providers, and investors in using parametric structures. AM Best sites Cumulus Re, the first-ever cloud outage catastrophe bond from Hannover Re and Parametrix, "as evidence of the interest in deploying the concepts and techniques of parametric risk transfer". Read more here: https://lnkd.in/dZEFaBuS Artemis.bm #parametric #catbond #cloudoutage #risktransfer
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"We definitely see an increase in interest from companies and (re)insurers who want to understand how the digital value chain is built and how they can protect themselves against failures in different parts of this value chain." Parametrix CCO, Sharon H., shares some insights on the global cyber insurance landscape following the CrowdStrike outage.
On July 19th, I touched down in Greece at 7:00 AM, eager to begin my holiday. But within hours, my inbox was flooded with emails and messages from concerned colleagues, business partners, and clients, all seeking clarity on the unfolding situation. Today, exactly four weeks after the CrowdStrike outage, I had the privilege of discussing the event, its impact, and the crucial lessons learned at Parametrix with Karen Tso and Arabile Gumede on CNBC's Squawk Box. This incident served as a wake-up call for corporations, insurers, and reinsurers to delve deeper into the digital value chain and recognize the potential risks of aggregation within it. Watch the full interview here: https://lnkd.in/dxDWCReV