How do underwriters make fast, educated decisions when dealing with SME accounts?

The SME cyber risk sector is competitive and efficiency is key to success for underwriters. They need to select the best risks for their portfolio, whilst maintaining discipline and following an efficient cyber underwriting process. Also, the information provided in the application may be incomplete or unsuitable for a clear underwriting decision. How do you make a faster, more accurate assessment of the best risks to insure, based on your company’s approach and risk tolerance? How can you rapidly triage large numbers of risks and filter for risk quality?

Account Manager combines a large number of data sources – from internal and external security data, historical losses and enterprise data – and applies specialized analytics to produce targeted information on an SME’s cyber risk profile.

With Account Manager every underwriter has instant access to reports on millions of companies, globally, to rapidly triage and filter for risk quality. Security and Exposure scores allow for easy insertion into underwriting guidelines and worksheets. Additional data signals identify known technology dependencies to identify potentially critical third party relationships. These scores also allow for easy identification of potentially risky behaviors or processes that require further discussion with the account.

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How does Account Manager help?

Cloud-based technology allows for nearly instant access to full risk reports
API integration for seamless integration into existing underwriting workflows
Uniquely impactful data lake of millions of global companies built and maintained through rigorous data validation processes
Significant data signals based on inside the firewall data and individual network traffic data

How do underwriters make fast, educated decisions when dealing with large single risk accounts?

When faced with underwriting individual large risks, underwriters need to be able to sift through significant volumes of information provided by various stakeholders within a prospective organization that may be incomplete, irrelevant, or more technical than is easily digestible. These accounts may be requesting large limits or highly tailored policies while also having extensive third potential party liability, as well as complex supply chains and relationship networks. There is also the ever-present threat of an unexpected accumulation event. How then, can you use data-driven analytics to make better, more educated decisions based on a consistent insurance company approach to risk tolerance?

Account Manager combines a large number of data sources – from internal and external security data, historical losses and enterprise data – and applies specialized analytics to produce targeted information on an organization’s cyber risk profile.

With Account Manager every underwriter has instant access to reports on millions of companies, globally, to rapidly triage and filter risk quality. Security and Exposure scores allow for easy insertion into underwriting guidelines and worksheets. Additional data signals identify known technology dependencies to identify potentially critical third party relationships. These scores also allow for easy identification of potentially risky behaviors or processes that require further discussion with the account.

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How does Account Manager help?

Designed by CyberCube’s multidisciplinary expert team, analytics combine high impact exposure, security and data signals
Develop a 360-degree view of security risk with data from inside the firewall and external measurements
Understand the digital supply chain relationships of an account
API integration for seamless integration into existing underwriting workflows

How do I set risk tolerance thresholds and inform reinsurance purchases?

Building a forward-looking view of risk to manage portfolio accumulations and set risk tolerance thresholds is a complex and resource-intensive task. Understanding exposure in your portfolio to inform internal risk management and risk transfer strategies are key to building profitable cyber insurance growth.
How can portfolio managers create actionable, insightful management information, with an acceptable level of certainty?

CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk managers to develop portfolio-level insights for their senior leadership and their working teams. Quickly access visualizations on exceedance probability metrics to include in management information packs. Drill down and identify loss drivers and areas of accumulation risk. Dive into more granular details by scenario, risk class, and account level statistics.

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How can Portfolio Manager help?

Cloud-based technology allows for nearly instant access to full risk reports
Comprehensive cyber risk scenario catalog developed by experts in cybersecurity, threat intelligence, data science, and economics
Probabilistic and scenario models built by experts in insurance, actuarial science, and catastrophe modeling
Terabytes of external and internal security data, enterprise data and historical losses with multi-disciplinary analytics

How do I stress test portfolio accumulations and model realistic scenarios at various return periods?

Cyber risk is a dynamic, man-made peril that is evolving rapidly. The motivations of cyber attackers, their methods and the technological vulnerabilities they exploit are constantly in flux. Developing a robust, forward-looking view of risk in your portfolio is a complex and resource-intensive task.
The fast-changing nature of cyber risk creates increased uncertainty for risk modelers and portfolio managers trying to identify portfolio exposure accumulations and develop realistic cyber catastrophe scenarios.

Risk modelers need the flexibility to vary frequency, severity and other assumptions to dynamically stress test model outputs. Portfolio managers need to efficiently stress test their assumptions, often without creating bespoke models from scratch. Also, as carriers identify non-affirmative cyber exposure in multiple lines of business, models need to assess cyber exposure across other P&C lines of business and isolate loss cost components to reflect potential cyber perils.

CyberCube’s Portfolio Manager enables stress-testing by varying frequency distributions, frequency mode, and severity modes. Portfolio Manager allows you to drill down and identify loss drivers and areas of accumulation risk across multiple lines of business.

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How does Portfolio Manager help?

Comprehensive cyber risk scenario catalog developed by experts in cybersecurity, threat intelligence, data science, and economics
Probabilistic and systemic cyber risk scenario models built by experts in insurance, actuarial science, and catastrophe modeling
Terabytes of external and internal security data, enterprise data and historical losses with multi-disciplinary analytics
Cloud-based technology allows for nearly instant access to full risk reports

How do I get a broader view of cyber exposures across multiple P&C lines of insurance?

Carriers are increasingly motivated to proactively consider where cyber exposure may occur across multiple lines of business. There is potential for risk accumulation within insurance portfolios for property & casualty (P&C) risks. How can claims professionals and carriers seeking to set loss reserves and forecast capital requirements for cyber risk allocate definitive loss reserves for the development profile of these incidents? For insurers, scenario-based modeling is the route forward.

CyberCube’s Portfolio Manager model can run ‘what-if’ analyses on exposures to assess risk exposure across classes and determine appropriate action. CyberCube’s multi-line approach enables a broader view across the spectrum of P&C risks, including aviation, marine, product liability, offshore energy, and kidnap and ransom. A key area of focus is multi-line accumulation, as a systemic cyber event might result in losses, for example, under both D&O and product liability covers.

CyberCube consults with its clients to determine best practices around the usage of our model based on key exposures in particular lines of business.

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How does Portfolio Manager help?

Broader view across the spectrum of P&C risks
Map cyber perils to P&C lines of business and model the results of our carefully designed scenarios in a probabilistic manner
Run ‘what-if’ analyses on exposures to help determine whether the risk in any line of business is substantial and warrants timely action
Multi-line accumulation, as a systemic cyber event might result in losses in multiple policies