CyberCube develops cat model for post-pandemic cyber landscape
Cyber risk analytics company CyberCube has launched a new edition of portfolio manager platform, which is used by insurers, reinsurers and brokers to stress test re/insurance portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
Originally launched in March 2018, portfolio manager is a fully probabilistic cyber catastrophe model that enables clients to drill down and identify loss drivers and areas of risk accumulation.
CyberCube said its new edition contains new industry-sponsored threat scenarios including cloud failures, business blackouts and contagious ransomware, which has been developed in response to the rapid evolution of cyber threats during the pandemic and feedback from clients.
The portfolio risk management solution also includes structural enhancements to the cyber catastrophe model, advanced contract loss modeling capabilities and the ability to compare and contrast attritional and large losses impacting individual companies with catastrophic losses impacting multiple companies in an insurance portfolio.
Ashwin Kashyap, co-founder and chief product officer of CyberCube, said: “In the last year, we’ve seen unprecedented events including widespread increases in ransomware attacks, hugely effective email siphoning of one of the largest email hosting providers, and an incredibly sophisticated supply chain attack impacting high-profile businesses and governments around the globe.
"Modeling such unique and evolving cyber risks is a challenge for insurers, reinsurers and reinsurance brokers. We have worked with our expansive client base to develop a forward-looking view of risk informed by changes to the threat landscape through the latest edition of Portfolio Manager.”
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