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CNA (Chicago), has signed an agreement to use CyberCube’s (San Francisco) cyber insurance analytics platform to supplement the insurer’s ability to underwrite, price and model cyber risk. CyberCube’s cyber risk-modeling platform will be used to enhance CNA’s underwriting workflows, provide the commercial carrier with increased cyber aggregation capabilities, and develop a customized view of exposure, according to a CyberCube source.
“Our customers face emerging cyber challenges daily,” comments Andrew Lea, VP, Underwriting for Errors & Omissions, Cyber & Media Liability, CNA. “We are thrilled to leverage CyberCube’s expertise and risk-modeling capabilities, as they empower our underwriting and risk-modeling teams to better address these challenges.”
CyberCube characterizes its offering as aimed at helping insurers address the unique challenges to insurers presented by complex cyber threats, the rapid pace of digitization, and limited historical data. The vendor says its cyber risk-modeling platform will enhance CNA’s underwriting workflows, provide it with increased cyber aggregation capabilities, and develop a customized view of exposure. Cyber insurance is one of the fastest-growing insurance lines to emerge in decades, and is expected to reach $20 billion in premium revenue by 2025, according to a recent study.
Combining Single Risk Underwriting and Aggregation Risk Modeling
“CyberCube is excited to partner with CNA to help with underwriting analytics and portfolio management,” comments Pascal Millaire, CEO, CyberCube. “Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s world-leading threat intelligence. We are pleased to support CNA, one of the nation’s leading insurance providers, in navigating one of the most complex risks facing their customers in the 21st century.”
CyberCube describes its risk-modeling platform as combining single risk underwriting and aggregation risk modeling to help insurers accurately measure the financial impact of emerging cyber risks.