Incidents like the recent ransomware attack on Travelex show how costly an online hacking, data breach or malicious threat can be to any business. Days lost fire-fighting the problem, long term reputational damage and customer complaints that can take weeks to deal with. Then there’s a potential GDPR fine – it’s no joke. So here’s some news from CyberCube and Hiscox;
Cyber risk analytics company CyberCube, has signed an agreement with global specialist insurer Hiscox, for the use of CyberCube’s ground-breaking technology to generate better insight into potential systemic cyber risk.
The deal gives Hiscox access to CyberCube’s Portfolio Manager product, which will stress test Hiscox’s book of global commercial insurance business against a range of cyber-related catastrophe scenarios, such as cloud outages and global ransomware attacks.
Pascal Millaire, Chief Executive Officer of CyberCube, said: “As cyber risk becomes more prevalent within the insurance market – and indeed the wider world – analytics tools like those offered by CyberCube are becoming a core part of an insurer’s toolkit. We’re delighted to be partnering with Hiscox to provide insights from our risk model to augment Hiscox’s existing capabilities as a leading specialist insurer.”
Robert Caton, Director of Underwriting Risk at Hiscox, commented: “We invest a great deal in understanding the risks we are exposed to. Cyber is an area where the potential for accumulation risk is easy to visualise and describe but challenging to size and calibrate as there have been few if any truly catastrophic market-wide losses. Partnering with CyberCube to access its modelling tools, data, and specialists perfectly complements the internal expertise and capability we have developed over the past few years.”
CyberCube’s risk-modelling platform enables insurance market participants to strengthen their accumulation risk management and exposure measurement. Cyber risk is a major issue within the international insurance markets as risk carriers seek to identify and quantify cyber risk in both standalone cyber insurance products and individual classes of business such as property.