San Francisco 05 October 2021 – Beazley, a leading specialist insurer, is to use CyberCube’s Portfolio Manager cyber analytics tool, plus a range of CyberCube’s other services.
In addition to Portfolio Manager, which allows insurers to stress test (re)insurance portfolios against cyber threats, Beazley will also use CyberCube’s Single Point of Failure (SPoF) model, its Attritional Loss model and consultancy service, Concierge.
The move comes shortly after CyberCube updated Portfolio Manager in June to take account of the rapid evolution of cyber threats during the Covid-19 pandemic.
Pascal Millaire, CyberCube CEO, said: “Beazley has long been a leader in the cyber insurance space with distinctive cyber capabilities. We’re delighted it has selected CyberCube as a partner to augment those capabilities with our data, modeling and services designed specifically for cyber insurers.”
Richard O’Donovan, Head of Exposure Management, Beazley, said: “CyberCube’s services and models will provide us with additional visibility, customization and control to help us to continue to develop our view of our clients’ risk; respond swiftly when claims arise; and continue to develop the innovative cyber solutions that have helped establish Beazley’s leadership position in the cyber market.”
Notes to editors
CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
Originally launched in March 2018, it was the first fully probabilistic cyber catastrophe model to enable clients to drill down and identify loss drivers and areas of risk accumulation.
Version 3 of Portfolio Manager was rolled out in June this year. It includes new industry-sponsored threat scenarios including cloud failures, business blackouts and contagious ransomware along with new reinsurance modeling capabilities.