Hiscox to improve insights into cyber risk following new deal

Specialist Insurance firm Hiscox has integrated the cyber risk analytics services of CyberCube to improve its insights into potential systemic cyber risk.

This new partnership supplies Hiscox with CyberCube’s Portfolio Manager product which will enable it to stress test its book of global commercial insurance business against various cyber-related catastrophe scenarios, such as cloud outages and ransomware attacks.

The risk-modelling platform offered by CyberCube enables market participants to strengthen their accumulation risk management and exposure measurement.

Hiscox director of underwriting risk Robert Caton said, “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.”

This is already the second partnership Hiscox has formed this year. Last week, the insurer signed an agreement with insurance software developer Concirrus which would help it to improve its analytics-based underwriting for marine insurance.

The deal sees Concirrus integrate its behaviour-based data analytics tool Quest Marine Hull into Hiscox.

CyberCube has also had an active few months. The startup closed a $35m Series B funding round late last year from HSCM Bermuda and ForgePoint Capital. The capital injection was supplied to help expand its data and analytics platform and deepen go-to-market strategies.

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