(Image source: CyberCube homepage.)
Munich Re (Munich) has selected CyberCube’s (San Francisco) cyber insurance analytics platform to support state-of-the-art quantification, modelling and control cyber accumulation risk, according to a vendor announcement. CyberCube’s cyber risk-modeling platform is designed to help (re)insurers to strengthen their accumulation risk management and exposure measurement for the potentially cascading losses from cyber loss events.
Cyber insurance is a key focus of Munich Re’s innovation strategy, according to Stefan Golling, Chief Underwriter, Munich Re. “We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber eco-system,” Golling comments. “Leveraging the capabilities of CyberCube will help our underwriting and risk modeling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”
In a connected world, managing cyber risk is a high priority for businesses and a huge opportunity for insurance carrier. However, insurers and reinsurers need to prudently quantify both the extent of the opportunity and the risk posed by cyber risk. It is essential for reinsurers to understand the potentially cascading impact of typically aggregated cyber-attacks and prepare for it. CyberCube reports that it addresses this challenge by providing advanced risk modeling capabilities to Munich Re with several cyber risk aggregation scenarios.
Supporting a Leader in the Reinsurance Market
“CyberCube is delighted to support Munich Re in making significant progress to tackle one of the largest opportunities—and threats—to the global P&C re/insurance market in our generation,” comments Pascal Millaire, CEO, CyberCube. “Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support a leader in the reinsurance market.”