Latest Posts:

Sorry, no posts matched your criteria.

Follow Us:

Back To Top

JOIN OUR EFFORTS TO

Make cyber incident response automated, lightning fast and cost effective

BY CO-FOUNDING A NEW CYBER VENTURE IN PARTNERSHIP WITH
ABOUT DSV

Deep Science Ventures is creating a future in which both humans and the planet can thrive.

We use our unique venture creation process to create, spin-out and invest into science companies, combining available scientific knowledge and founder-type scientists into high-impact ventures.

We operate in 4 sectors: Pharmaceuticals, Energy, Agriculture and Computation, tackling the challenges defining those areas by taking a first principles approach and partnering with leading institutions.

 

The Challenge

According to Swiss Re, the total market limit of aggregate excess-of-loss cyber reinsurance placed (excluding retrocession) increased by about a third to $2 billion in 2020, from $1.5 billion in 2019. This followed an increase of 100% in 2019, relative to 2018. However, only a limited number of players are operating in the facultative cyber market. As a result, the overall market is showing a shortfall in capacity, particularly for larger programs and larger or more bespoke risks.

Since the pandemic demand from companies and claims have increased substantially leading to premiums typically increasing by circa 50% – 60% on average annually at renewal. High risk coverage such as ransomware is being sub-limited or removed entirely and some companies are finding it increasingly difficult to obtain cyber insurance.

Aggregation management and understanding cyber exposure appears to be a problem for underwriters. Claims risk will increase as demand and take up increase which means higher premiums.

Cyber as a product line is still in its infancy and so primary Insurers are carrying less risk than with more established product lines, often relying on reinsurers to take on the majority of risk and utilising experience where reinsurers provide much of the IP around coverage, wordings and claims management, underwriting guides etc.

The traditional breach response triage model is outdated. DSV is looking to innovate in this area utilising technology such as XDR, SIEM and to offer pre and post event services to reduce the cost of cyber insurance.

 

What we’re building

In partnership with the United Kingdom’s Department for Digital, Culture, Media and Sport which oversees the UK’s Cyber security policy, GCHQ and the National Cyber Security Centre we are building ventures to address the underlying constraints that are preventing insurers from underwriting more companies by finding new ways to quantify, price and manage risk as a startup Insurer-tech MGA. We’re doing this by building out an elite team with proven forensic and data breach experience who will utilise artificial intelligence, XDR and SIEM technology to make incident response a more hands off experience for companies, leading to less claims and less exposure to our clients and underwriters.

 

Join as a Co-Founder for this project

You’ll join DSV as a Co-Founder (contract, full-time) and work with us to get a new venture concept to the investment and spin-off phase within 6-9 months.

The role is to initially work out the best possible way to approach this challenge, and bring real life working knowledge and understanding of the data breach, incident response handling through insurers and client retainer model. You will be working with our tried and tested frameworks and alongside product, academic and insurance industry advisors and discussing approaches with a wide range of market participants and weighing up approaches at every level.

Once a plausible approach has been developed and sufficiently de-risked, DSV and DCMS will provide the initial pre-seed capital to incorporate and spin-out the new venture. You’ll become the CEO or the CTO and work with your Co-Founder(s), Advisors, the DSV team and DCMS to build this company for the next 5+ years.

 

Our offer

We provide a monthly salary (at a pre-seed stage startup level) to bridge the gap between developing your new venture and getting it to an investable company stage. DCMS will bring deep expertise in the space, apply time from their own staff to assist with the venture development process and DSV will support you with building a founding team and securing expert investors. You and your Co-Founder(s) will hold the majority equity ownership of the new venture valued at over £1.1M once we’ve completed the investment and incorporation.

 

Who should apply

Apply if you have strong opinions (weakly held!) on the failings of existing insurance and breach response models combined with working knowledge and experience with the true cost of breach / where claims costs were inflated and the same end result achieved at a fraction of the cost.

We’re after expertise/background in:
• Breach response / forensic investigation; and
• Insurance / insurance markets having worked with insurers / network in the existing risk modeling or secondary Alternative Risk Transfer (ART) markets.

 

You will also have a good working knowledge of the nature of cyber security threats, ideally with first hand experience in identifying, mitigating and preventing across a wide array of infrastructure and organisation types, and knowledge and experience of IT systems, networking and security threat landscape, including (any of):

• Network fundamentals for example OSI stack, TCP/IP, DNS. HTTPS, firewall logs, packet capture and analysis;
• Cloud technologies (AWS, Google Cloud, Azure);
• Active Directory, Group Policies, PowerShell;
• Endpoint protection applications (Antivirus, Web Filtering, ATP, Encryption);
• IDP/IPS Systems;
• SIEM tools (such as Splunk);
• SOAR is an added advantage.

ABOUT DSV

Deep Science Ventures is creating a future in which both humans and the planet can thrive.

We use our unique venture creation process to create, spin-out and invest into science companies, combining available scientific knowledge and founder-type scientists into high-impact ventures.

We operate in 4 sectors: Pharmaceuticals, Energy, Agriculture and Computation, tackling the challenges defining those areas by taking a first principles approach and partnering with leading institutions.

 

The Challenge

According to Swiss Re, the total market limit of aggregate excess-of-loss cyber reinsurance placed (excluding retrocession) increased by about a third to $2 billion in 2020, from $1.5 billion in 2019. This followed an increase of 100% in 2019, relative to 2018. However, only a limited number of players are operating in the facultative cyber market. As a result, the overall market is showing a shortfall in capacity, particularly for larger programs and larger or more bespoke risks.

Since the pandemic demand from companies and claims have increased substantially leading to premiums typically increasing by circa 50% – 60% on average annually at renewal. High risk coverage such as ransomware is being sub-limited or removed entirely and some companies are finding it increasingly difficult to obtain cyber insurance.

Aggregation management and understanding cyber exposure appears to be a problem for underwriters. Claims risk will increase as demand and take up increase which means higher premiums.

Cyber as a product line is still in its infancy and so primary Insurers are carrying less risk than with more established product lines, often relying on reinsurers to take on the majority of risk and utilising experience where reinsurers provide much of the IP around coverage, wordings and claims management, underwriting guides etc.

The traditional breach response triage model is outdated. DSV is looking to innovate in this area utilising technology such as XDR, SIEM and to offer pre and post event services to reduce the cost of cyber insurance.

 

What we’re building

In partnership with the United Kingdom’s Department for Digital, Culture, Media and Sport which oversees the UK’s Cyber security policy, GCHQ and the National Cyber Security Centre we are building ventures to address the underlying constraints that are preventing insurers from underwriting more companies by finding new ways to quantify, price and manage risk as a startup Insurer-tech MGA. We’re doing this by building out an elite team with proven forensic and data breach experience who will utilise artificial intelligence, XDR and SIEM technology to make incident response a more hands off experience for companies, leading to less claims and less exposure to our clients and underwriters.

 

Join as a Co-Founder for this project

You’ll join DSV as a Co-Founder (contract, full-time) and work with us to get a new venture concept to the investment and spin-off phase within 6-9 months.

The role is to initially work out the best possible way to approach this challenge, and bring real life working knowledge and understanding of the data breach, incident response handling through insurers and client retainer model. You will be working with our tried and tested frameworks and alongside product, academic and insurance industry advisors and discussing approaches with a wide range of market participants and weighing up approaches at every level.

Once a plausible approach has been developed and sufficiently de-risked, DSV and DCMS will provide the initial pre-seed capital to incorporate and spin-out the new venture. You’ll become the CEO or the CTO and work with your Co-Founder(s), Advisors, the DSV team and DCMS to build this company for the next 5+ years.

 

Our offer

We provide a monthly salary (at a pre-seed stage startup level) to bridge the gap between developing your new venture and getting it to an investable company stage. DCMS will bring deep expertise in the space, apply time from their own staff to assist with the venture development process and DSV will support you with building a founding team and securing expert investors. You and your Co-Founder(s) will hold the majority equity ownership of the new venture valued at over £1.1M once we’ve completed the investment and incorporation.

 

Who should apply

Apply if you have strong opinions (weakly held!) on the failings of existing insurance and breach response models combined with working knowledge and experience with the true cost of breach / where claims costs were inflated and the same end result achieved at a fraction of the cost.

We’re after expertise/background in:
• Breach response / forensic investigation; and
• Insurance / insurance markets having worked with insurers / network in the existing risk modeling or secondary Alternative Risk Transfer (ART) markets.

 

You will also have a good working knowledge of the nature of cyber security threats, ideally with first hand experience in identifying, mitigating and preventing across a wide array of infrastructure and organisation types, and knowledge and experience of IT systems, networking and security threat landscape, including (any of):

• Network fundamentals for example OSI stack, TCP/IP, DNS. HTTPS, firewall logs, packet capture and analysis;
• Cloud technologies (AWS, Google Cloud, Azure);
• Active Directory, Group Policies, PowerShell;
• Endpoint protection applications (Antivirus, Web Filtering, ATP, Encryption);
• IDP/IPS Systems;
• SIEM tools (such as Splunk);
• SOAR is an added advantage.

Interviews ongoing for a full-time start asap

Interviews ongoing for a full-time start asap

current team

David Channing (Cyber Insurance)

David has an extensive knowledge in all areas of Commercial Insurance through working as a Claims Broker, Reinsurance Broker and Director of Digisure – faced with the huge task of building a full market IBA ledger.

current team

David Channing (Cyber Insurance)

David has an extensive knowledge in all areas of Commercial Insurance through working as a Claims Broker, Reinsurance Broker and Director of Digisure – faced with the huge task of building a full market IBA ledger.