CyberCube: Enabling Controlled Growth in Cyber Insurance
CyberCube delivers cyber risk analytics for the insurance industry. They are solely focused on solving the hardest and most important cyber risk challenges in insurance. With best-in-class data access and advanced multi-disciplinary analytics, CyberCube helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. Their team is composed of multi-disciplinary experts across data science, cyber security, artificial intelligence, software engineering, actuarial modeling, and commercial insurance. CyberCube offers a software as a service platform for cyber risk aggregation modeling and insurance underwriting.
CyberCube serves the world’s largest and most sophisticated global insurance institutions across Europe and the US, including Munich Re, Chubb, Guy Carpenter and CNA. The startup is headquartered in San Francisco, California and operates as a stand-alone organization backed by Symantec Ventures.
One of the fastest-growing insurance lines
Cyber insurance is one of the fastest-growing insurance lines to emerge in decades and is expected to reach $20 billion in premium revenue by 2025. An extreme cyber event has the potential to deeply impact thousands of organizations at once, and the accumulation of liabilities across multiple insured portfolios could result in substantial losses.
The ability to gain a multi-dimensional, forward-looking view of cyber risk is imperative for (re)insurers to grow their cyber portfolios in a controlled manner.
CyberCube helps their (re)insurance clients answer tough questions, such as:
- How much capital allocation is appropriate for cyber insurance?
- What is my 1-in-200 return period for regulatory purposes?
- How does exposure accumulate in cyberspace?
- How do I estimate the frequency of catastrophic events?
In addition, CyberCube insurance underwriting tool helps underwriters make better individual risk selection decisions, faster. The tools on the CyberCube platform allow carriers and brokers to unlock more capacity for digital risks and offer relevant, competitive products with more certainty on the assumed risks in those products.
CyberCube’s cyber risk-modeling platform enables (re)insurers to strengthen their accumulation risk management and exposure measurement. CyberCube risk-modeling platform combines single risk underwriting and aggregation risk modeling to help insurers accurately measure the financial impact of emerging cyber risks.
CyberCube has access to data from both inside and outside the firewall, building a uniquely forward-looking view of risk. Exclusive access to telemetry from the world’s largest cybersecurity firm, Symantec, and other data partners, equips the insurance industry to see trends before they become claims. In addition, CyberCube’s deep bench of cybersecurity and insurance experts identify the best sources of data and turns them into early indicators of risk. In addition, their client services and product team features deep insurance-sector expertise in underwriting, actuarial science and strategy.
How it works
Using product telemetry and threat intelligence powered by Symantec, the world’s leading cybersecurity company, CyberCube leverages exabytes of data from security products, which is then analyzed with a specific focus on cyber risk measurement.
The risk modeling platform provides the global insurance industry a view of potential systemic risks, modeled through simulation. This novel approach is fundamentally significant to decide how much reinsurance an insurer should purchase given its risk tolerance limits.
At DIA Amsterdam, Pascal Millaire, CEO of CyberCube will demonstrate the CyberCube platform.
Who is CyberCube?
The CyberCube platform was established in 2015 by Symantec to apply the cyber security company’s unique sources of data, intelligence and expertise to cyber insurance analytics. CyberCube now operates as a standalone company with continued access to Symantec data and resources and backing from ForgePoint Capital.
“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. With the backing of ForgePoint Capital and Symantec Ventures, CyberCube is uniquely positioned to help insurers underwrite and model cyber risk in a way that no one else can.” Pascal Millaire, CEO of CyberCube.