CyberCube, an analytics platform for the insurance space, has updated its portfolio manager to meet the evolving shape of cyber risk.
The portfolio manager tool allows insurers to stress test (re)insurance portfolios against a selection of cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
This update reflects the change in cyber threats since the platform launched back in 2018. Over this time period, companies have become more reliant on cloud systems, ransomware has become more prolific and there has been a shift in geo-political tensions, the company said.
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.
“In this update, we have taken a fresh look at scenario class narratives, event frequencies, occurrence footprints, and scenario-level loss severity calculations. In addition, we’ve added several new scenario classes, addressed user feedback and added functionality so that this product version is even more user friendly and robust.”
The InsurTech closed a $40m Series B round last month from investors including MTech Capital, HSCM Bermuda and ForgePoint Capital. It raised the round to support with the development of its data and analytics capabilities and boost its go-to-market efforts.
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