RESTON, VA, AUGUST 5, 2019 – QOMPLX™, an intelligent decision platform provider, today announced it will begin offering technology risk insurance to help enterprises curtail risks and reduce costs resulting from technology-related incidents. Unlike cyber insurance offerings recently coming to market that are poorly defined and provide narrow, incomplete coverage, QOMPLX technology risk insurance spans multiple traditional insurance silos – improving transparency and simplifying language for all parties.
An essential component behind the QOMPLX offering is leveraging the telematics data from an organization’s cyber security and broader operational risk management systems to create a more comprehensive and near real-time view into an organization’s potential risks and exposures. QOMPLX CEO, Jason Crabtree noted that “a sufficiently holistic view cannot be achieved by external scanning technology or security appliances with access to a single vantage point on the network.” By coupling traditional approaches with a continuous monitoring program that fuses together data from across internal, external, Internet infrastructure, and governance, risk and compliance (GRC) programs QOMPLX is able to provide fair, efficient and fast interactions between counterparties. Under the hood, the offering heavily leverages QOMPLX’s broader cyber security expertise, analytics infrastructure, and modeling tools with more than 56 issued or pending patents.
“Technology has transformed operational risk of companies and the insurance industry’s approach has been to bolt a new silo onto their business model rather than look at risk from the client’s end of the telescope,” said Alastair Speare-Cole, President & GM, Insurance, QOMPLX. “The corporate world needs comprehensive real time data from all aspects of its technology in a form that can be used for risk management, and shared with those who need it, to provide better insurance products.”
QOMPLX’s Technology Risk insurance is focused on the five leading – and often overlapping - causes of technology risk. These include system breach, theft and extortion, interruption of third-party systems, and errors & omissions. QOMPLX is partnering with select (re)insurers using telematics and its own modeling to secure capacity for insurers to deliver a better experience, insurance product, and value proposition which enables superior scope and scale.
The offering will be available in the United Kingdom later this year, with plans to expand availability to the United States and Australia in 2020.
About QOMPLX, Inc.
QOMPLX (formerly Fractal Industries) makes it faster and easier for organizations to integrate all of the disparate data sources across the enterprise into a unified analytics infrastructure to make better decisions at scale. This broader analytics infrastructure is provided through QOMPLX OS, an enterprise operating system that powers QOMPLX’s decision platforms in cybersecurity, insurance, and quantitative finance. Headquartered in Reston, VA, QOMPLX also has offices in New York and London. More information about QOMPLX can be found at www.qomplx.com.