Lockton Re, the reinsurance business of insurance broker Lockton, has expanded its collaboration with cyber risk analytics company CyberCube.
Under the latest partnership, Lockton Re licensed CyberCube’s Industry Exposure Database (IED).
Unveiled in October 2022, the IED aids brokers and (re)insurers in carrying out various activities such as benchmarking, sensitivity assessment, and evaluation for cyber risks on a real-time basis.
Along with the Economic Exposure Database (EED), these databases can be seamlessly integrated into Portfolio Manager, the cyber portfolio modelling solution.
Portfolio Manager aids in conducting resilience assessment of portfolios against various cyber events such as cloud outages, data breaches and ransomware attacks.
Customers can leverage the EED and IED to access each exposure database and conduct assessments for creating industry loss estimates.
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Lockton Re senior reinsurance actuary Adam Braithwaite said: “Being able to answer key questions around the size and shape of the cyber market with high granularity data is a powerful tool.
“Incorporating the industry exposure database into our analytics platform will enhance the level of insight and services we can provide to our clients with respect to their position in the broader cyber market.”
Lockton Re previously licensed a set of CyberCube’s tools, which also comprise Portfolio Manager.
Recently, Lockton appointed Clarissa Franks as UK P&C Retail head to oversee the expansion of the UK retail division.