CyberCube launches cyber risk analytics platform for insurance

 CyberCube Analytics, a cyber risk analytics solution for the insurance industry, has emerged from stealth mode with investment.

The company has landed capital from Silicon Valley-based investor Trident Capital Cybersecurity and by technology developed by Symantec Corporation.

CyberCube claims its software-as-a-service (SaaS) platform helps insurance companies make more informed, effective and efficient decisions when underwriting cyber risk and managing cyber risk aggregation. It has also announced today the general availability of its risk-modelling platform, which processes terabytes of unique data sets and applies multidisciplinary analytic methods.

As part of the its launch, Symantec said it has contributed technology assets, developed in collaboration with leading insurance underwriters, in return for an equity stake. In addition, Symantec will provide an exclusive, proprietary telemetry data license to augment CyberCube’s risk models.

“Symantec Ventures was created to be a catalyst for critical breakthroughs and innovation in the cyber security industry,” said Symantec CEO, Greg Clark. “We are excited about CyberCube’s ability to address the needs of the cyber insurance market and believe that they are well positioned to realize the full potential of this large opportunity. We partnered with Trident Capital Cybersecurity to launch CyberCube because of their proven success in growing cyber security companies.”

The CyberCube platform was established in 2015 by Symantec to apply the cybersecurity company’s unique sources of data, intelligence and expertise to cyber insurance analytics. It now operates as a standalone company with continued access to Symantec data and resources. Its team is composed of multi-disciplinary experts across data science, cyber security, software engineering, actuarial modeling and commercial insurance.

Trident Capital Cybersecurity is a $300m fund exclusively investing in cybersecurity companies. Trident’s 50-person Cybersecurity Advisory Council includes industry CEOs, security entrepreneurs, senior information security executives, and former government security leaders.

Earlier this year, Trident led a $17.5m Series B round in RegTech 100 company BehavioSec. The company, which uses behavioural biometrics to verify and confirm a user’s identity, also raised capital from Cisco Investments, ABN AMRO, Octopus Ventures and Conor Venture Partners. Its portfolio also includes CyberCube and 4iQ, Attivo, Appthority, Bayshore Networks, BehavioSec, ID Experts, IronNet Cybersecurity, Prevoty, and ReversingLabs.

Copyright © 2018 RegTech Analyst

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