Inzura chief executive steps down to head up new cyber insurtech

Former Inzura boss Richard Jelbert has been named as the new chief executive at Cyberrock.

Jelbert co-founded Cyberrock in 2023 while working as the top boss at Inzura.

He has now decided to move to Cyberrock full time, with him having left Inzura at the start of August 2024.

Cyberrock aims to lower the cost of cyber insurance – in March 2024, Lucy Scott, partner and head of global cyber and technology at broker Lockton, said that cyber insurance was ”the most inaccessible” product for small and micro businesses.

Meanwhile, insurance provider CFC revealed in July 2024 that the annual average cost for small to medium-sized enterprises (SMEs) to outsource cyber security services amounted to nearly £60,000.

To help lower costs, Cyberrock has created a black box device for small and medium sized enterprises (SMEs) and individuals, which offers protection from attacks.

It aims to launch more products in early 2025.

“I have been working on the Inzura project for a few years now and felt it was time to focus on a specific area in cyber insurance that was being left behind,” Jelbert told Insurance Times.

“The time was right to bring artificial intelligence (AI) to help balance the ever rising cyber attacks, also enabled by AI.

”Cyberrock is that counter. We are now seeking cyber insurance partners to launch new Cyberrock powered cyber insurance products for early 2025.”

Gap

Jelbert also explained that “insurers remain cautious offering cyber cover to the less technically able businesses and focus mainly on large corporates who have [a] security team and in-house skills”.

One of the ways the insurtech startup aims to close this gap is by using an AI powered cyber security “expert” that will be embedded in an SME’s computer network.

The blackbox device, meanwhile, can monitor attacks and send an alert to humans about incidents.

“Our Cyberrock score helps provide essential feedback to the customer and insurer on how our customer is responding to the risks and threats identified by our device and AI expert,” Jelbert said.