(Image credit: Xresch.)
Specialty insurer Beazley (London) has selected CyberCube’s (San Francisco) Portfolio Manager cyber analytics tool, plus a range of CyberCube’s other services. In addition to Portfolio Manager, which allows insurers to stress test (re)insurance portfolios against cyber threats, Beazley will also use CyberCube’s Single Point of Failure (SPoF) model, its Attritional Loss model and consultancy service, Concierge.
“CyberCube’s services and models will provide us with additional visibility, customization and control to help us to continue to develop our view of our clients’ risk; respond swiftly when claims arise; and continue to develop the innovative cyber solutions that have helped establish Beazley’s leadership position in the cyber market,” comments Richard O’Donovan, Head of Exposure Management, Beazley.
Beazley’s selection came shortly after CyberCube updated Portfolio Manager in June 2021 to take account of the rapid evolution of cyber threats during the Covid-19 pandemic. The vendor describes Portfolio Manager as a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
Augmenting Distinctive Cyber Capabilities
“Beazley has long been a leader in the cyber insurance space with distinctive cyber capabilities,” notes Pascal Millaire, CEO, CyberCube. We’re delighted it has selected CyberCube as a partner to augment those capabilities with our data, modeling and services designed specifically for cyber insurers.”