Munich Re has selected CyberCube’s cyber insurance analytics platform to support quantification, modelling and control cyber accumulation risk.

As per terms of the agreement, CyberCube will provide advanced risk modelling capabilities to Munich Re with several cyber risk aggregation scenarios.

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It will help the German reinsurer to deal with the cyber challenges in the fast-evolving risks landscape.

CyberCube said that its cyber risk-modelling platform enables (re)insurers to boost their accumulation risk management and exposure measurement across multiple insured portfolios.

Munich Re chief underwriter Stefan Golling said: “Cyber insurance is a key focus of our innovation strategy. We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber eco-system.

“Leveraging the capabilities of CyberCube will help our underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”

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CyberCube CEO Pascal Millaire said: “CyberCube is delighted to support Munich Re in making significant progress to tackle one of the largest opportunities – and threats – to the global P&C (re)insurance market in our generation.

“Our industry-leading cyber risk-modelling platform is powered by several best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support a leader in the reinsurance market.”

Munich Re, founded in 1880, operates in all lines of the insurance business across the globe.