CyberCube, a provider of cyber risk analytics, announced that Munich Re has selected its cyber insurance analytics platform to support state-of-the-art quantification, modeling, and control cyber accumulation risk. Munich Re is the market leader in the swiftly growing cyber (re)insurance market and offers both insurance and reinsurance under one roof.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multidisciplinary analytics, the company’s Software as a Service platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation.
Insurers and reinsurers are in the process of quantifying both the extent of the opportunity and the risk posed by cyber risk. It is critical for reinsurers to look at the cascading impact of largely aggregated cyber-attacks and prepare for it. CyberCube will provide advanced risk modeling capabilities to Munich Re with several cyber risk aggregation scenarios.
Speaking on the new initiative, Pascal Millaire, CEO of CyberCube said, “CyberCube is delighted to support Munich Re in making significant progress to tackle one of the largest opportunities – and threats – to the global P&C (re)insurance market in our generation. Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support a leader in the reinsurance market.”
Stefan Golling, Chief Underwriter of Munich Re said, “Cyber insurance is a key focus of our innovation strategy. We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber ecosystem. Leveraging the capabilities of CyberCube will help our underwriting and risk modeling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”