New Analytics Product For Cyber Insurance

Cyber risk analytics specialist CyberCube has launched a new software-as-a-service application designed specifically for insurance brokers called “Broking Manager" to povide more accurate client insight for both generalist and cyber specialist brokers.

The product is designed to help brokers quantify, understand and explain to their clients the sources and financial impact of cyber risk exposure.

This development recognises that insurance advisers need to be able to educate sales prospects and existing clients while demonstrating an understanding of their needs and exposures. 

Brokers are expected to align clients’ goals, budgets and exposure to the appropriate limits and optimal carrier policies and in the case of cyber risk, this means understanding the types of scenarios that may cause financial loss and the costs that would drive losses. 

Broking Manager empowers brokers to instantly produce a cyber financial loss report on millions of companies, while providing rich information to help brokers articulate their clients’ cyber exposure.  It does so by leveraging advanced models that draw on data from a large number of sources including behind the firewall and perimeter scan data, historical incidents and losses, and firmographic data. The product offers a stream-lined approach to generating the financial exposure impact of client-specific security and business practices. Brokers can also leverage the product to educate clients on potential loss classes, recent cyber events, and bench-marking of cyber risks against peers.

With cyber risk, it is important to understand the types of scenarios that may cause financial loss and the costs that would drive losses, explained the San Francisco-based company.  “With Broking Manager we set out to tackle the most fundamental question facing brokers today; what coverages and limits do companies need? We’ve had considerable interest from the broking community internationally, so we felt the time was right to build and launch this product,” said Oren Schetrit, CyberCube’s director of Product.

“Brokers play a vital role in helping clients identify and manage risk. Our goal is to empower them to quantify and explain cyber risk exposure to a broad audience without becoming experts in information security,” added Schetrit. “Broking Manager will promote informed conversations that will ultimately lead to better buying decisions.”

Ashwin Kashyap, co-founder of CyberCube and head of Product and Analytics, said: “Cyber insurance as a line of business is still in its early stages of growth and there is a clear need for a solution to help companies make informed decisions on what they need to buy.... As trusted advisors to companies on their cyber insurance purchase, insurance brokers play a very important role in the ecosystem by connecting insurance buyers with carriers. CyberCube has built a solution to enable the growth of the cyber insurance market and support this important segment in the insurance value chain.”

Broking Manager is the third product in CyberCube’s suite of applications, alongside Portfolio Manager which is used by insurers to stress tests portfolios of cyber risks against dozens of cyber-based scenarios and  Account Manager, which is used to provide underwriting teams with a detailed analysis of cyber risk.

The company believes that a lack of historical data and the rapidly evolving nature of cyber risk and events which involve ‘active adversaries’ in the form of criminals or terrorists presents special challenges for evaluation of risk.

CyberCube has shared the process that shapes its cyber threat scenarios in a new paper titled 'Designing a Cyber Catastrophe' and it offers an insight into CyberCube’s scenario development process as the company creates new threat scenarios and refines existing ones. Theses  scenarios allow reinsurers and brokers that use CyberCube products to analyse and stress-test their portfolios of cyber risk, the company said.

Cybercube:      Insurance Buisness:        Reinsurance News:        Verdict:         BusinessWire:      Insurance Journal


You Migh Also Read:  


Cyber Incidents Jump Up The Risk Index:

 

 

 

« The Victims Of Cybercrime In Britain
Hackers Succeed In Doing More Harm Than Insiders »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Resecurity

Resecurity

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

Alvacomm

Alvacomm

Alvacomm offers holistic VIP cybersecurity services, providing comprehensive protection against cyber threats. Our solutions include risk assessment, threat detection, incident response.

Directory of Cyber Security Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 7,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Cyber Defense Media Group (CDMG)

Cyber Defense Media Group (CDMG)

CDMG is the leading global media group for all things cyber defense.

StickyMinds

StickyMinds

StickyMinds is the web's first interactive testing community exclusively engaged in improving software quality throughout the software development lifecycle.

Cyber Security Research Centre - University of Cardiff

Cyber Security Research Centre - University of Cardiff

Cardiff University's Centre for Cyber Security Research is a leading UK academic research unit for cyber security analytics.

Commonwealth Cybercrime Initiative (CCI)

Commonwealth Cybercrime Initiative (CCI)

The CCI unites 35 international organisations contributing to multidisciplinary programmes in Commonwealth countries. These organisations form the CCI Consortium.

Indeed

Indeed

Indeed is a worldwide employment-related search engine for job listings covering job types in all industries, including cybersecurity.

Sompo International

Sompo International

Sompo International is a global specialty provider of property and casualty insurance and reinsurance services including Cyber & Network Risk.

drie

drie

drie is an end-to-end cloud services company based in Bahrain, Dubai and London. We enable businesses to adopt, scale on and build for cloud.

OwnZap Infosec

OwnZap Infosec

OwnZap Infosec aims to digitally shield the cyberspace by offering services like Penetration Testing and Red Teaming, Infrastructure Security Testing, and Vulnerability Assessments.

Cyber Security Cooperative Research Centre (CSCRC)

Cyber Security Cooperative Research Centre (CSCRC)

The CSCRC provides frank and fearless research and in-depth analysis of cyber security systems, the cyber ecosystem and cyber threats.

Yogosha

Yogosha

Yogosha is a crowdsourced cybersecurity platform enabling a win-win collaboration with the most talented hackers to detect and fix vulnerabilities on your most critical systems.

Dig Security

Dig Security

Dig Security offers the first data detection and response (DDR) solution, providing real-time visibility, control and protection of your data assets across any cloud.

Cranium

Cranium

AI is being implemented into every business process, but nobody knows whether their AI is secure. Our mission is to deliver security and trust to the AI revolution.

Rhodian Group

Rhodian Group

Rhodian Group (formerly Adar) specialize in providing Technology, Cybersecurity, and Compliance services to the insurance industry.

Eviden

Eviden

Eviden is an Atos business that brings together its digital, big data and security business lines. It will be a global leader in data-driven, trusted and sustainable digital transformation.

Reach Security

Reach Security

Reach is the first generative AI platform purpose-built to empower enterprise security teams. With Reach, organizations measure, manage, and improve their enterprise security posture at scale.

Stack Overflow

Stack Overflow

Founded in 2008, Stack Overflow’s public platform is used by nearly everyone who codes to learn, share their knowledge, collaborate, and build their careers.