1 August, 2023, LONDON: Lockton Re, the reinsurance business of the world’s largest privately held independent insurance broker is expanding its partnership with cyber risk analytics leader CyberCube by licensing CyberCube’s Industry Exposure Databases.
CyberCube’s Industry Exposure Databases were launched in October 2022 to enable (re)insurers and brokers to perform a wide array of benchmarking, sensitivity, and real-time analyses for cyber risks. They provide a foundation for cyber risk models and include CyberCube’s Economic Exposure Database (EED) and Industry Exposure Database (IED). The databases are designed to work seamlessly with Portfolio Manager, the industry’s leading cyber portfolio modeling solution. With both, clients can view each Exposure Database and run analyses to develop industry loss estimates.
Lockton Re already licenses a suite of tools from CyberCube including Portfolio Manager. Portfolio Manager is the (re)insurance industry’s cyber risk modeling platform of choice, allowing stress testing of portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, and global ransomware attacks among others.
Simon Shreeve, Principal Client Account Manager at CyberCube, said: “We are delighted that Lockton Re has expanded its partnership with CyberCube to include our exposure databases. This enables Lockton Re to deliver market-wide analytics to help clients develop their underwriting, portfolio and reinsurance strategies. The IED represents a market-vetted and independent dataset offering opportunities for alternative reinsurance structures at a time when finding additional reinsurance capital is critical to the growth of cyber.”
Adam Braithwaite, Senior Reinsurance Actuary, Lockton Re, said: “Being able to answer key questions around the size and shape of the cyber market with high granularity data is a powerful tool. Incorporating the Industry Exposure Database into our analytics platform will enhance the level of insight and services we can provide to our clients with respect to their position in the broader cyber market.”
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners. It is backed by Morgan Stanley Tactical Value, Forgepoint Capital, HSCM Bermuda, MTech Capital, individuals from Stone Point Capital and Scott G. Stephenson. For more information, please visit www.cybcube.com or email firstname.lastname@example.org.
About Lockton Re
Lockton Re, the reinsurance business of Lockton, helps businesses understand, mitigate, and capitalize on risk. With over 300 colleagues in 17 locations globally, the business continues to grow, pushing the reinsurance industry forward with smarter solutions that leverage new technologies—delivered by people empowered to do what’s right for clients.
Find out more: www.locktonre.com
What makes Lockton stand apart is also what makes us better: independence. Lockton's private ownership empowers its 10,750+ Associates doing business in over 140 countries to focus solely on clients' risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. For more information, visit www.lockton.com.
For 14 consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." In 2022, Forbes named Lockton among America’s Best Large Employers and one of the Best Employers for Diversity. For more information, visit www.lockton.com.
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