CyberCube releases new edition of Account Manager
17 August 2020, London, UK – CyberCube, the leading cyber analytics provider for the insurance industry, has released an updated version of Account Manager, the industry’s leading cyber risk modeling platform used by insurers and reinsurers. Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote.
The update includes a revamp of its scoring methodology and the addition of a broader collection of threat information, all designed to reflect the evolution of cyber threats since Account Manager’s initial launch. Unlike context-free security scores which leave the interpretation to the user, CyberCube’s scoring methodology evaluates risks through the lens of security and exposure from an insurance perspective. Underwriters can define their risk tolerance and use these scores to standardize and automate the underwriting process across the organization.
Based on CyberCube’s analysis, underwriters could determine that large retail and healthcare companies tend to have a better security posture than similar mining and telecommunications companies. On deeper analysis, however, the smaller the retail company, in terms of revenue, the weaker their security posture. Energy and utility companies, in contrast, tend to have more consistent security postures, regardless of their size.
Morgan Hervé-Mignucci, CyberCube’s Director of Cyber Risk Modeling, said: “It’s important to update Account Manager because cyber is such a dynamic peril, so we need to reflect the most up-to-date landscape we can. We have sourced and curated signals related to the digital supply chain, web traffic hygiene and common software vulnerabilities as a part of the new edition of the product. We have also revised our scoring algorithms to include new risk factors to help underwriters select, differentiate, and price risk in a robust fashion.”
Ashwin Kashyap, Co-founder of CyberCube and Head of Product and Analytics, said: “The insurance industry is turning towards alternative data to make better decisions on risk selection and pricing. Given the competitive nature of the cyber insurance market that is increasingly moving towards zero-question underwriting for small business, CyberCube’s platform provides an edge through access to information on millions of companies at scale to implement a data-driven underwriting process.”
Full details of the update can be found on CyberCube’s website at www.cybcube.com.
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