The platform allows insurers to stress test insurance portfolios against a range of cyber-related scenarios, including breaches, cloud outages, global ransomware attacks and financial fraud. The new update provides information on changes to the landscape of cyber threat since its launch in 2018; over the last two years, CyberCube has worked with leading market participants to develop the latest edition.
Some of those changes include an increase in the reliance on cloud across the industry and an increase in ransomware.
Josh Pyle, Actuarial Director at CyberCube, said: “Cyber is a dynamic, man-made peril so it's important we update the model to reflect the current threat landscape. This gives us the chance to explicitly address new and revised assumptions and incorporate learning from events that have occurred since the initial launch.
“In this update, we have taken a fresh look at scenario class narratives, event frequencies, occurrence footprints, and scenario-level loss severity calculations. In addition, we’ve added several new scenario classes, addressed user feedback and added functionality so that this product version is even more user-friendly and robust.”
Ashwin Kashyap, co-Founder of CyberCube and Head of Product & Analytics, added: “CyberCube’s model is on its way to being the risk currency across the insurance ecosystem for all lines of business impacted by the peril. We have listened intently to our clients and reached a significant milestone by delivering an enhanced solution to address their needs. CyberCube’s unparalleled data and analytics platform powers the new version of Portfolio Manager and draws upon the expertise of a world-class team focused exclusively on cyber risk analytics.”