CyberCube has launched an updated version of its cyber risk modeling platform Portfolio Manager which is used by insurers, reinsurance brokers and reinsurers.
This platform enables insurers to stress test (re)insurance portfolios against a range of systemic cyber-related scenarios such as data breaches, cloud outages, global ransomware attacks, and financial fraud.
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The new update provides information on changes to the landscape of cyber threats since its initial launch in 2018.
Additionally, the updated version features several new scenario classes, addressed user feedback and enhanced functionality.
The new features are based on scenario class narratives, event frequencies, occurrence footprints, and scenario-level loss severity calculations.
Cybercube said it worked with key market participants to develop the latest edition over the last two years.
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By GlobalDataAn increase in the reliance on the cloud across most industries has resulted in a change in the exposure profile of companies, the company said.
It further added that business interruption remains to be the core driver of cyber aggregation risk across insurance portfolios despite moderate expansion in coverages and limits in the cyber insurance contracts.
CyberCube Actuarial director Josh Pyle said: “Cyber is a dynamic, man-made peril so it’s important we update the model to reflect the current threat landscape.
“This gives us the chance to explicitly address new and revised assumptions and incorporate learning from events that have occurred since the initial launch.”
CyberCube co-founder and Product & Analytics head Ashwin Kashyap said: “CyberCube’s unparalleled data and analytics platform powers the new version of Portfolio Manager and draws upon the expertise of a world-class team focused exclusively on cyber risk analytics.”
Last year, the company raised nearly $35m in a Series B funding round to speed up the delivery of its cyber risk analytics platform to the insurance industry.
