(Image source: Cybercube.)
CyberCube (San Francisco), a provider of cyber risk analytics for the (re)insurance industry, has announced that Aon plc, a London-based global professional services firm providing a broad range of risk, retirement and health solutions, has selected its cyber insurance analytics platform to deliver innovative cyber (re)insurance solutions to its insurance carrier clients and prospects.
An extreme cyber event has the potential to deeply impact individual corporations and thousands of organizations at once, resulting in potential accumulation of liabilities across multiple insured portfolios that could result in substantial losses. Insurance carriers are increasingly looking for guidance on risk transfer for the growing peril created by internet-connected technologies, and CyberCube says its cyber risk-modeling platform enables Aon to guide its insurance carrier clients on accumulation risk management and exposure measurement. “With an enhanced grasp on potential exposures, this in turn gives insurance carriers the confidence to price cover more accurately and offer more relevant products to their customers,” says a CyberCube statement.
CyberCube is now integrated on Aon’s CyberMetrica platform for aggregation management which offers insurers a broad suite of internal and external tools and expertise as part of its multi-model approach. The integration reflects Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way, through innovative collaborations, according to CyberCube
“Technology is a critical part of an insurer’s armory,” comments Catherine Mulligan, Global Head of Cyber for Aon’s Reinsurance Solutions business. “Our collaboration with CyberCube enhances our multi-model approach, which enables insurers to more accurately quantify aggregation in their portfolio for more informed underwriting, while helping customers to understand their own cyber exposures and develop appropriate controls.”
Important Emerging Risk
“CyberCube is delighted to support Aon in building the market for one of the largest opportunities—and threats—to the global P&C (re)insurance sector in our generation,” comments Pascal Millaire, CEO, CyberCube. “Our industry-leading cyber risk-modeling platform is powered by best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support Aon and its insurance carrier clients in this important emerging risk.”