German reinsurance giant Munich Re has selected CyberCube's cyber insurance analytics platform to support its quantification, modeling and control cyber accumulation risk.
Established in 2015 within Symantec, the CyberCube platform provides cyber risk analytics for the (re)insurance industry. Currently, CyberCube is operating as an independent company, focused exclusively on the insurance industry, with continued access to Symantec data.
CyberCube’s Software as a Service platform, by providing data access and advanced multidisciplinary analytics, enables insurance firms to make better decisions when underwriting cyber risk and handling cyber risk aggregation.
The company’s enterprise intelligence layer offers insights on millions of firms across the world and includes modeling on more than a thousand single points of technology failure.
Its cyber risk-modeling platform helps (re)insurers to bolster their accumulation risk management and exposure measurement.
CyberCube CEO Pascal Millaire said: “CyberCube is delighted to support Munich Re in making significant progress to tackle one of the largest opportunities – and threats – to the global P&C (re)insurance market in our generation.
“Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support a leader in the reinsurance market.”
According to the company, insurers and reinsurers are in the process of quantifying the extent of the scope and the risk posed by cyber risk. Therefore, it is important for reinsurers to look at the cascading effect of largely aggregated cyber-attacks and prepare for it.
CyberCube plans to offer advanced risk modeling capabilities to Munich Re with various cyber risk aggregation scenarios.
Munich Re chief underwriter Stefan Golling said: “Cyber insurance is a key focus of our innovation strategy. We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber eco-system.
“Leveraging the capabilities of CyberCube will help our underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”
In November 2018, CyberCube signed an agreement with US commercial property and casualty insurance company CAN, under which the latter gets to use the cyber insurance analytics platform to supplement its ability to underwrite, price and model cyber risk.