MAPFRE RE is strengthening its position in the cyber insurance market over the next three years through a new partnership with CyberCube.
The global reinsurer has signed a multi-year agreement to license CyberCube’s suite of cyber risk analytics tools, aiming to enhance its ability to manage cyber accumulations and expand into new markets.
As part of the agreement, MAPFRE RE will adopt CyberCube’s cyber accumulation solution and other analytical products to improve its ability to assess and quantify cyber risks. The collaboration comes as cyber insurance demand grows, driven by increasing digital threats and the rising financial impact of cyber incidents.
By using CyberCube’s data-driven insights, the reinsurer aims to refine its underwriting approach and better manage large-scale cyber exposures.
According to MAPFRE RE head of cyber Oscar Taboada, the reinsurer is committed to adopting advanced tools to address evolving cyber risks.
"CyberCube’s solutions will enhance our ability to manage cyber accumulations effectively and expand our footprint in different markets. We are excited to embark on this long-term partnership and look forward to mutual success,” said Taboada.
For CyberCube, the agreement aligns with its strategy to deliver advanced risk modeling to leading insurers and reinsurers.
Juan Marcano, CyberCube's principal of alternative risk transfer, said the reinsurer chose the company due to its expertise in cyber risk analytics and its alignment with MAPFRE RE’s growth objectives.
CyberCube, founded within Symantec in 2015, now operates independently and provides services to more than 100 insurance institutions worldwide.
With cyber risks becoming increasingly complex, how do you think advanced analytics will shape the future of cyber insurance over the next three years? Share your thoughts in the comments.
