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JTL Re (London), a global reinsurance brokerage and consultancy, has licensed CyberCube’s (San Francisco) cyber risk modeling platform as part of what it calls a partnership with the vendor to help its clients manage the evolving nature of cyber risk. JTL Re reports that it will combine CyberCube with its existing cyber and enterprise modeling tools to provide unique insights to help clients manage and measure cyber risk and exposure.
“This partnership will allow us to provide meaningful insights to clients by combining our proprietary modeling tools with that of CyberCube’s unique resources,” comments Michael Reynolds, Global CEO, JLT Re. As a result, we will offer sustainable and material benefits tailored to fit our clients’ needs.”
With the cyber market growing at more than 20 percent per year, the need to understand and manage cyber risk challenges is more important than ever, according to David Flandro, Global Head of Analytics, JLT Re. “JLT Re’s continued investment in developing market leading analytical tools will help clients solve some of the most complex cyber issues, particularly in regard to aggregation concerns,” he says.
A CyberCube statement asserts that its robust and innovative analytics, including fully probabilistic capabilities and a wide range of possible loss scenarios, will enhance JLT Re’s offering to its clients providing them with the vital information they need to manage their cyber strategy. “With access to unique data sources including Symantec’s security telemetry, CyberCube is able to support JLT Re in delivering sophisticated modeling capabilities for their clients,” the statement says.
Distinctive Data and Models
“Cyber aggregation is one of the most important and difficult issues facing the insurance industry, observes Pascal Millaire, CyberCube’s CEO. “We are excited to be working with JLT Re to bring our distinctive data and industry-leading models to help more insurers better understand this dynamic new risk.”