Security News > 2021 > January > CyberCube updates software to enable insurers to quantify losses to cyber scenarios issued by Lloyd’s

CyberCube has updated its data-driven analytic software to seamlessly enable insurers to quantify losses to scenarios that Lloyd's has issued to syndicates for the upcoming March data collection deadline.

CyberCube has introduced the three scenarios for realistic cyber disasters as part of its Portfolio Manager product, which is used by risk carriers.

Pascal Millaire, CyberCube's CEO, said: "Lloyd's syndicates have long been leaders in the global cyber insurance market and so it is no surprise that the Lloyd's market is also taking a leadership role amongst regulators in thoughtfully measuring cyber exposure accumulation. We're thrilled to be able to help Lloyd's syndicates with this exercise using our platform."

Kirsten Mitchell-Wallace, Lloyd's Head of Portfolio Risk Management, said: "The Lloyd's market is a global leader in cyber insurance so understanding and controlling exposure to this class of business is critical. Cyber is a rapidly evolving risk that demands scrutiny at both syndicate and market level: the use of scenarios helps Lloyd's to achieve this."

Siobhan O'Brien, Managing Director and Head of Guy Carpenter's International Cyber Centre of Excellence, commented: "This is a very important piece of work for the broader RDS framework. The findings of the study will prove valuable not only for Lloyd's syndicates but also for the wider insurance industry in helping to address some of the most challenging aspects of cyber risk that impact multiple lines of insurance."

CyberCube's Portfolio Manager is a cyber risk catastrophe model that allows insurers to understand how their book of business would be affected by a series of cyber threats.

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