Cyber risk analytics company CyberCube, has signed an agreement with global specialist insurer Hiscox, for the use of CyberCube's ground-breaking technology to generate better insight into potential systemic cyber risk.
The deal gives Hiscox access to CyberCube's Portfolio Manager product, which will stress test Hiscox's book of global commercial insurance business against a range of cyber-related catastrophe scenarios, such as cloud outages and global ransomware attacks.
Pascal Millaire, Chief Executive Officer of CyberCube, said: "As cyber risk becomes more prevalent within the insurance market and indeed the wider world analytics tools like those offered by CyberCube are becoming a core part of an insurer's toolkit. We're delighted to be partnering with Hiscox to provide insights from our risk model to augment Hiscox's existing capabilities as a leading specialist insurer."
Robert Caton, Director of Underwriting Risk at Hiscox, commented: "We invest a great deal in understanding the risks we are exposed to. Cyber is an area where the potential for accumulation risk is easy to visualise and describe but challenging to size and calibrate as there have been few if any truly catastrophic market-wide losses. Partnering with CyberCube to access its modelling tools, data, and specialists perfectly complements the internal expertise and capability we have developed over the past few years."
CyberCube's risk-modelling platform enables insurance market participants to strengthen their accumulation risk management and exposure measurement. Cyber risk is a major issue within the international insurance markets as risk carriers seek to identify and quantify cyber risk in both standalone cyber insurance products and individual classes of business such as property.
CyberCube delivers the world's leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company's Software-as-a-Service platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube's enterprise intelligence layer provides insights on millions of companies globally and includes modeling on over 1,000 single points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital and HSCM Bermuda. For more information, please visit www.cybcube.com or email firstname.lastname@example.org
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.
The Hiscox Group employs over 3,300 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re ILS. In the US, Hiscox small business Insurance is underwritten by Hiscox Insurance Company Inc., a Chicago-based insurance company.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
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