CyberCube has updated its data-driven analytic software, which will enable Lloyd’s syndicates with their cyber planning.
The improved services will enable insurers to quantify losses to scenarios that Lloyd’s has issued to syndicates for the impending data collection deadline in March.
These scenarios are used to report to Lloyd’s on how their portfolio of business would be affected by major cyber events.
CyberCube released three scenarios for realistic cyber disasters, which have been designed in collaboration with Lloyd’s underwriting team. The scenarios are a cloud outage, a power or infrastructure outage and a major malware attack.
CyberCube CEO Pascal Millaire said, “Lloyd’s syndicates have long been leaders in the global cyber insurance market and so it is no surprise that the Lloyd’s market is also taking a leadership role amongst regulators in thoughtfully measuring cyber exposure accumulation. We’re thrilled to be able to help Lloyd’s syndicates with this exercise using our platform.”
The Lloyd’s Market Association’s Cyber Risk Strategy Group has been helping to build the scenarios over the past 15 months. By analysing how their portfolios of insurance risks are affected by these scenarios, the Lloyd’s market can assess every syndicate’s financial resilience, as well as the current threat landscape and associated cyber threats.
CyberCube states these will help syndicates with their business planning processors and are the market’s most sophisticated cyber analysis exercise to date.
Lloyd’s head of portfolio risk management Kirsten Mitchell-Wallace said, “The Lloyd’s market is a global leader in cyber insurance so understanding and controlling exposure to this class of business is critical. Cyber is a rapidly evolving risk that demands scrutiny at both syndicate and market level: the use of scenarios helps Lloyd’s to achieve this.”
The new scenarios are available immediately.
Last year, CyberCube has released a new software-as-a-service (SaaS) application to help insurance brokers. The tool enables brokers to build financial loss reports on millions of companies, alongside information regarding cyber exposure.
CyberCube was named in the latest InsurTech100, an annual list of the companies people in the insurance industry needs to know about.
Copyright © 2021 FinTech Global
