20240022584. SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED CYBER THREAT MANAGEMENT simplified abstract (The Travelers Indemnity Company)

SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED CYBER THREAT MANAGEMENT

Organization Name

The Travelers Indemnity Company

Inventor(s)

Ethan M. Kravitz of West Hartford CT (US)

Venkat R. Bethi of Glastonbury CT (US)

Velda M. Johnson of Maplewood MN (US)

Nirav I. Pravasi of Farmington CT (US)

Shravanthi Duvvuri of Simsbury CT (US)

William S. Immendorf of Madison WI (US)

Alec B. Perro of Brooklyn Park MN (US)

Jared Kozak of Berlin CT (US)

SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED CYBER THREAT MANAGEMENT - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240022584 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED CYBER THREAT MANAGEMENT

Simplified Explanation

The patent application is about blockchain-based cyber threat management, specifically focusing on the generation and management of cyber risk insurance policies with automatic cyber threat assessment, remediation, and/or claim payment.

• The patent application describes systems, apparatus, methods, and articles of manufacture for blockchain-based cyber threat management.
• It involves the generation and management of cyber risk insurance policies.
• The technology includes automatic cyber threat assessment, remediation, and/or claim payment.
• The use of blockchain technology ensures secure and transparent management of cyber risk insurance policies.
• The innovation aims to improve the efficiency and effectiveness of cyber threat management in the insurance industry.

Potential Applications

• Cyber risk insurance companies can utilize this technology to automate the assessment of cyber threats and streamline the policy generation process.
• Insurance policyholders can benefit from automatic remediation and claim payment processes, reducing the time and effort required to handle cyber threats.
• The technology can be applied in various industries and sectors where cyber risk insurance is necessary, such as finance, healthcare, and e-commerce.

Problems Solved

• Manual assessment of cyber threats and policy generation can be time-consuming and prone to errors. This technology automates these processes, saving time and improving accuracy.
• Traditional claim payment processes can be slow and cumbersome. The automatic claim payment feature of this technology solves this problem by providing faster and more efficient claim settlements.
• Lack of transparency in cyber risk insurance policies can lead to disputes. The use of blockchain ensures transparency and immutability, reducing the potential for disputes.

Benefits

• Improved efficiency: Automation of cyber threat assessment, policy generation, remediation, and claim payment processes saves time and resources for both insurance companies and policyholders.
• Enhanced accuracy: The use of automated processes reduces the risk of human errors in assessing cyber threats and managing policies.
• Transparency and trust: Blockchain technology provides a transparent and immutable record of policy management, ensuring trust between insurance companies and policyholders.
• Faster claim settlements: Automatic claim payment enables faster and more efficient claim settlements, reducing the financial impact on policyholders.

Original Abstract Submitted

systems, apparatus, methods, and articles of manufacture for blockchain-based cyber threat management, such as the generation and management of cyber risk insurance policies with automatic cyber threat assessment, remediation, and/or claim payment.