.jpg)
A two-year strategic tie-up with CyberCube Analytics has enabled Guy Carpenter & Company, a wholly owned subsidiary of Marsh & McLennan Companies, to create an industry-first cyber risk modeling platform with an inside-out view of cyber risk exposure.
The global risk and reinsurance specialist also forged a formal license agreement with CyberCube, formerly part of Symantec Corporation, to use its new stochastic cyber catastrophe model and related intellectual property to deliver innovative cyber reinsurance products to clients and prospects.
The new platform is funded by Trident Capital Cybersecurity and uses Symantec's technology. It will allow insurers to access to exabytes of unique data and multidisciplinary analytic methods to help them make more informed decisions when underwriting cyber risk and managing cyber risk aggregation.
The Symantec-contributed technology assets were developed in collaboration with Guy Carpenter and a select group of insurers and reinsurers, and provide a proprietary data feed to augment the new risk model.
“Guy Carpenter is excited to offer our clients and prospects this exciting new tool to help manage and assess cyber risk,” said Claude Yoder, Guy Carpenter’s global chief innovation and product development officer. “The powerful combination of our knowledge of reinsurance dynamics and the evolution of the product and macro-systemic industry concerns, coupled with CyberCube’s expertise in data science, cyber security, software engineering, and actuarial modeling, will deepen the industry’s understanding of this rapidly evolving risk.”
