Cyber analytics provider CyberCube has released an updated version of Portfolio Manager, a cyber risk platform for insurers, reinsurance brokers and reinsurers. Portfolio Manager allows insurers to stress test reinsurance portfolios against a spectrum of cyber-related scenarios, including data breaches, cloud outages, global ransomware attacks and financial fraud.
The tool, first launched in 2018, was the world’s first fully probabilistic cyber catastrophe model. CyberCube said that it has worked with leading market participants over the last two years to develop the latest edition of the cyber catastrophe model.
“An increase in the reliance on the cloud across most industries has resulted in a change in the exposure profile of companies,” CyberCube said. “In the past two years, there has also been an uptick in the use of ransomware as an attack vector and a shift in geopolitical 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.”
“Cyber is a dynamic, man-made peril, so it’s important we update the model to reflect the current threat landscape,” said Josh Pyle, CyberCube’s actuarial director. “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.”
“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,” said Ashwin Kashyap (pictured), co-founder of CyberCube and head of product and analytics. “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 on the expertise of a world-class team focused exclusively on cyber risk analytics.”
CyberCube was awarded as one of the Best Diversity, Equity and Inclusion in the Workplace in the UK. See the rest of winners in IB's 5-Star DE&I 2023 special report.
