CyberCube launches platform to help insurance industry model cyber risk
Advisen
CyberCube launches platform to help insurance industry model cyber risk
By Erin Ayers, Advisen
With the goal of helping the insurance industry better understand and price “one of the most important risks facing society in the 21st century” through data analytics and risk modeling, CyberCube Analytics formally launched this week with backing from Trident Capital Cybersecurity and Symantec.
“The insurance industry is well aware that cyber insurance is important and is increasing in importance,” said CyberCube CEO Pascal Millaire, during a recent interview with Advisen. CyberCube has been in “stealth mode” for several months as it secured financing and data sources to develop a cyber-specific risk modeling platform for insurers, reinsurers, and brokers.
Millaire explained that CyberCube was launched as a standalone firm using cyber risk intelligence from Symantec in order to access a wide range of data sources, as well as to emphasize the “dedicated focus” on insurance. The firm approached the task with “a sense of humility,” he explained.
“Any insurtech vendor who claims to have cracked the code is kidding themselves,” Millaire said. However, CyberCube feels confident about contributing value to the cyber insurance underwriting process and has seen an “overwhelmingly positive response” to this new venture, he added.
Cyber risk “permeates” all lines of insurance, according to Millaire, and as cyber insurance evolves to encompass all the demands of buyers, insurers will need the ability to assess not only their clients’ exposure, but their own risk aggregation tolerance. Recent cyberattacks like 2017’s WannaCry and NotPetya – which produced millions in losses for major global corporations – serve as a wake-up call for any organization trying to get a handle on its cyber exposure.
“Cyber is one of the most important risks facing society in the 21st century and therefore it is one of the most important risks facing the insurance industry,” said Millaire.
Editor Erin Ayers can be reached at eayers@advisen.com.
