The update takes account of the evolution of cyber threats since its launch as the world’s first fully-probabilistic cyber catastrophe model in 2018
CyberCube, the leading cyber analytics provider for the insurance industry, has released an updated version of Portfolio Manager, the industry’s leading cyber risk modeling platform used by insurers, reinsurance brokers and reinsurers. Portfolio Manager allows insurers to stress test (re)insurance portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
The update takes account of the evolution of cyber threats since its launch as the world’s first fully-probabilistic cyber catastrophe model in 2018. CyberCube has worked with leading market participants over the last 24 months to develop its latest edition of the cyber catastrophe model and continues to lead the path in innovation on this important and challenging problem.
An increase in the reliance on the cloud across most industries has resulted in a change in the exposure profile of companies. In the past two years, there has also been an uptick in the use of ransomware as an attack vector and a shift in geo-political tensions between nation states. Cyber insurance contracts have seen a moderate expansion on coverages and limits but business interruption continues to be the core driver of cyber aggregation risk across insurance portfolios.
Josh Pyle, CyberCube’s Actuarial Director, said: “Cyber is a dynamic, man-made peril so it’s important we update the model to reflect the current threat landscape. This gives us the chance to explicitly address new and revised assumptions and incorporate learning from events that have occurred since the initial launch.
“In this update, we have taken a fresh look at scenario class narratives, event frequencies, occurrence footprints, and scenario-level loss severity calculations. In addition, we’ve added several new scenario classes, addressed user feedback and added functionality so that this product version is even more user friendly and robust.”
Ashwin Kashyap, Co-founder of CyberCube and Head of Product & Analytics, said: “CyberCube’s model is on its way to being the risk currency across the insurance ecosystem for all lines of business impacted by the peril. We have listened intently to our clients and reached a significant milestone by delivering an enhanced solution to address their needs. CyberCube’s unparalleled data and analytics platform powers the new version of Portfolio Manager and draws upon the expertise of a world-class team focused exclusively on cyber risk analytics.”
Source: Company Press Release