CyberCube Launches Exposure Database

As the mainstream media reported recently, cyber attacks continue in the UK, with the latest being Pendragon. The car dealership chain issued a statement last week saying it would not pay a ransom to hackers who claimed to have breached their data systems. The ransom is a whopping £53m worth of digital currency, so this is a potentially ongoing, serious risk for many large companies.

Cyber risk analytics leader CyberCube has launched the world’s first set of detailed Exposure Databases to enable (re)insurers and brokers to perform a wide array of benchmarking, sensitivity, and real-time analyses for cyber risks.

The Exposure Databases provide a foundation for cyber risk model and include CyberCube’s Economic Exposure Database (EED) and Industry Exposure Database (IED). They are designed to work seamlessly with Portfolio Manager, the industry’s leading cyber portfolio modeling solution. With both, clients can view each Exposure Database and run analyses to develop industry loss estimates.

The first release of CyberCube’s Exposure Databases focuses on US standalone cyber insurance and represents the global insurance industry’s exposure and risk to US companies. These Exposure Databases can provide (re)insurers and brokers with more detailed exposure data for the entire US than their portfolios might contain alone.

IED values are fundamental in developing Industry Loss Curves (ILCs) for all scenario types. This information can be used by (re)insurance and broker clients to quantify and better understand cyber catastrophic risk and the potential impacts.

Cody Stumpo, CyberCube’s Senior Director of Product Management for Portfolio Manager, said: “Detailed IEDs have been invaluable in natural catastrophe modeling, for benchmarking, creating exposure and risk proxies, and modeling industry risk for Insurance Linked Securities (ILS). Now, the cyber market can benefit from all of those same use cases.”

Jon Laux, CyberCube’s VP of Analytics, said: “We’re excited to make our cyber IED available to the (re)insurance industry. It’s an essential step forward for insurers to better understand the segments they are underwriting or could be covering, and for the (re)insurance community, collectively, to have a clearer view of the big picture about what’s driving cyber exposures. The release of these exposure databases furthers CyberCube’s objective to enable a common currency for cyber risk transfer discussions.”

CyberCube’s Exposure Databases are available now and are the latest enhancement to CyberCube’s suite of solutions, data, and services.

About alastair walker 11347 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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