CyberCube to partner with AkinovA
Cyber risks analytics provider CyberCube is to partner with AkinovA Limited, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modeling and analytics.
The partnership will see CyberCube’s products made available to AkinovA’s platform. In doing so, the entire value chain of the risk transfer sector can gain access to CyberCube’s sophisticated models. CyberCube’s models are based on specially designed cyber risk scenarios including ransomware attacks, cloud outages and major systemic risks to support the insurance, reinsurance and Insurance-Linked Securities (ILS) organisations to make better decisions when placing and managing cyber risk.
Juan Marcano, alternative risk transfer principal at CyberCube, said: “As a trusted facilitator to the risk transfer sector and a powerful advocate for the benefits of new technology, AkinovA is an ideal partner for us at CyberCube. This is a real vote of confidence in CyberCube’s products and the insights they generate.
“Our products provide businesses with the knowledge they need to make empowered choices about cyber risk. By combining our knowledge of the cyber ecosystem and our modeling capabilities, we’re able to model various cyber scenarios that can be used to stress test portfolios–or even individual risks. The information gained from these exercises is vital in pricing and effectively managing a portfolio of cyber risk.”
Henri Winand, AkinovA chief executive officer, added: “In 2020, AkinovA pioneered first-of-a-kind Cloud outage and cyber-induced electricity power generation downtime risk transfers together with AkinovA ecosystem partners, including a leading broker and underwriting capital. One of the challenges was to quantify the risk itself.”
He continued: “This partnership with CyberCube represents a significant milestone in our objective to bring new risks and capital to the risk transfer market. By joining forces with CyberCube, we bring access to the tools needed by insureds, brokers and capital providers to properly understand and evaluate one of the fastest-growing segments in the risk transfer space.”
AkinovA says it is a “neutral, secure, regulated, end-to-end electronic marketplace” for insurance and reinsurance where risks can meet capital from a range of sources (including corporates/insureds, insurers, reinsurers, capital markets) animated by brokers, analytics and other service providers. AkinovA is regulated to trade with brokers, insurers, reinsurers, ILS funds, capital market investors, listed corporates, data, analytics and service providers in 41 countries.
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 ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital.
