Hiscox has signed up to use CyberCube’s cyber risk analytics platform to generate better insight into potential systemic cyber risk.
The deal gives Hiscox access to CyberCube’s portfolio manager product, which stress tests the re/insurer’s book of global commercial insurance business against a range of cyber-related catastrophe scenarios, including cloud outages and global ransomware attacks. It also enhances accumulation risk management and exposure measurement for its client’s.
Robert Caton, director of underwriting risk at Hiscox, said: “Cyber is an area where the potential for accumulation risk is easy to visualise and describe but challenging to size and calibrate, as there have been few if any truly catastrophic market-wide losses.”
Pascal Millaire, CyberCube’s CEO, said: “As cyber risk becomes more prevalent within the insurance market – and indeed the wider world – analytics tools like those offered by CyberCube are becoming a core part of an insurer’s toolkit.”
Hiscox, CyberCube, Robert Caton, Pascal Millaire