CyberCube Rolls Out Enhancements for Portfolio Manager Tool
In a significant advancement for the insurance industry, CyberCube, a leading provider of cyber analytics, has released an updated version of its Portfolio Manager. This platform is now being used by insurers, reinsurers, and brokers, including Trium Cyber, an authorized service company for Syndicate 1322 at Lloyd's.
Global Cyber Insurance Risk Modeling
The new version of Portfolio Manager, Version 6, reflects the evolution of the cyber insurance market into a global entity. It integrates advanced modeling of international risks, moving beyond primarily US-focused exposures to incorporate global geographic variations and dependencies.
Geographic Variation in Cloud Service Outages
Portfolio Manager v6 explicitly considers geographic differences in cloud outages and malware attack impacts. This addresses the reality that regions vary in exposure due to localized cloud infrastructure and single points of failure, notably heavily influenced by American technologies and data centers.
Mitigation and Large-scale Cyber Catastrophe Preparedness
The model places a stronger emphasis on mitigation efforts, evaluating how protective measures can reduce the impacts of large-scale cyber events. This includes incorporating risk modifiers based on underwriting inputs aligned with established cybersecurity frameworks like NIST and CIS controls, allowing insurers to better assess and price risk reduction strategies in underwriting and exposure management.
Enhanced Capabilities
Additional capabilities supporting these advances include greater use of companies' security scores to enhance risk granularity, incorporation of new risk modifiers reflecting organizational security postures, scenario-based, expert-developed cyber risk catalogs covering systemic events, cloud-based analytics for rapid access to portfolio-level risk insights, support for reinsurers and insurers in stress testing and tailored exposure modeling, and integration with CyberCube’s other products like SPOF Intelligence to assess accumulation and active cyber risk events more holistically.
A Powerful Tool for a Complex World
Together, these developments position Portfolio Manager v6 as a sophisticated tool enabling insurers and reinsurers to better understand, price, and manage cyber catastrophe risk in a complex and globally interconnected environment.
Trium Cyber's Adoption
Trium Cyber, which launched as the first ever Lloyd's-approved mono-line Cyber syndicate in 2023, providing coverage to US-domiciled risks, is one of the clients using the updated Portfolio Manager. The syndicate is also making use of CyberCube's CyberConnect API product.
Sources:
- CyberCube's Press Release
- CyberCube's Whitepaper
- CyberCube's Blog Post
- The updated Portfolio Manager, Version 6, now being used by Trium Cyber and other industry players, employs reinsurance underwriting inputs to assess and price risk reduction strategies related to cybersecurity.
- Portfolio Manager v6's enhanced capabilities incorporate data-and-cloud-computing risks, addressing cyber risk by considering geographic variations in cloud service outages and malware attack impacts across the globe.
- In parallel with other advanced tools like SPOF Intelligence, the refined Portfolio Manager v6 allows insurers like Trium Cyber to be better prepared for large-scale events by focusing on mitigation efforts and technology-driven solutions for cyber risk management in a global and increasingly interconnected world.
