CyberCube, a provider of cyber risk analytics for the insurance industry, has added Admiral Michael S Rogers to its board of directors.
From 2014 to 2018, Rogers concurrently served as director of the national security agency (NSA), commander of the US cyber command and chief of the Central Security Service.
“The insurance industry has an increasingly important role to play in making companies more resilient to cyber-attacks,” said Rogers. “Providing the cyber insurance market with better cyber risk analytics enables insurers to grow more sustainably and help more enterprises understand, mitigate and insure cyber risk.”
Founded in 2015, CyberCube was established within cybersecurity business Symantec and now operates as an independent company. 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 one thousand single points of technology failure.
Symantec provides a telemetry data license to augment CyberCube’s risk models, as well as access to its managed adversary and threat intelligence team (MATI).
“It is hard to imagine anyone on the planet better placed to support CyberCube in modeling the impact of catastrophic cyber events on the economy,” remarked Pascal Millaire, CEO of CyberCube. “Having an understanding of the threat actor landscape is essential to understand the scenarios that could cause billions of dollars of losses to insurer balance sheets.”
According to a recent report from RegTech Analyst, cybersecurity investment in the first quarter of this year declined by half compared to Q4 2017. Total investment in Q1 2018 reached just $725.8m, a fall of 47.7% from the previous quarter. However, compared to the same quarter in 2017, total funding increased by 27%.
The drop in investment in Q1 2018 can be attributed to a lack of later-stage deals valued above $100m. There were three such deals during the quarter, the largest of which was a $500m strategic investment in Symantec, a provider of security software and systems management solutions, from Silver Lake Partners.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
