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As the market for cyber insurance grows and matures, new tools such as CyberCube Analytics Inc.’s platform for cyber risk aggregation modeling are being deployed to help understand and manage the ever-changing and evolving risks.
CyberCube was founded in 2018 with significant funding from ForgePoint Capital and Symantec Ventures, with which CyberCube has a relationship to provide exclusive access to Symantec’s cybersecurity data collection and feeds a large part of the CyberCube model, said Rebecca Bole, head of industry engagement for CyberCube in London.
CyberCube also has access to Symantec’s threat intelligence and cybersecurity research teams, “helping us to identify trends and incorporate them into our model before they become claims,” she said.
Symantec started work on the CyberCube platform in 2015 as an internal research and development team, developing both proof of concept and a pilot product, which was brought to market as CyberCube Analytics in 2018, Ms. Bole said.
“The ability to gain a multidimensional, forward-looking view of cyber risk is imperative for insurers and reinsurers to grow their cyber portfolios in a controlled manner,” she said.
“The unique challenge with cyber risk is that it is changing all the time: The threat actors, methods of attack, end-points used to perpetrate attacks are constantly evolving. No two attacks are the same,” Ms. Bole said.
“CyberCube takes a different approach toward modeling,” she said.
“Many traditional catastrophe models rely on loss data to predict the future. You can’t do this with cyber: The past is not an indicator of the future. We have to use different data sources and combine these with threat intelligence and cybersecurity expertise to gain this forward-looking view of risk,” Ms. Bole said.
Publicly announced clients to this point include Munich Reinsurance Co., Chubb Ltd., Guy Carpenter & Co. LLC, CNA Financial Corp. and JLT Re Ltd., she said.
• Aclaimant Inc. — Aclaimant’s Resolution performance system helps companies see risk more clearly using workflow tools to streamline risk management, including workplace safety, incident and claims management and analytics all in one system.
• National Council on Compensation Insurance Inc. — NCCI’s team developed and released Aggregate Loss Factors on Demand — an online application designed to perform complex calculations regarding aggregate excess loss factors and basic premium factors used in retrospectively rated workers comp policies using actuarial models.
• Ventiv Technology Inc. — Ventiv teamed with key partners to develop an application programming interface initiative in the commercial insurance sector that provides real-time data exchange connecting disparate systems at multiple organizations.
• Verisk Analytics Inc. — Verisk’s Energy & Power Intelligence Xchange, a benchmarking and risk scoring platform, aims to support more informed decision-making in the energy insurance sector by providing energy underwriters, risk engineers and portfolio managers with information on an individual risk and portfolio basis.
Business Insurance presented the second annual U.S. Insurance Awards on March 21 in New York, and more than 450 people gathered to celebrate the achievements of outstanding insurance and risk management professionals.