CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking, sensitivity, and real-time analyses for cyber risks.
cybercube-logoThe Exposure Databases provide a foundation for cyber risk model and include CyberCube’s Economic Exposure Database (EED) and Industry Exposure Database (IED).
CyberCube noted that they are designed to work seamlessly with Portfolio Manager – the industry’s leading cyber portfolio modeling solution. With both, clients can view each Exposure Database and run analyses to develop industry loss estimates, therefore making this a unique and ground-breaking tool for the cyber market.
The first release of CyberCube’s Exposure Databases focuses on US standalone cyber insurance and represents the global insurance industry’s exposure and risk to US companies. These Exposure Databases can provide re/insurers and brokers with more detailed exposure data for the entire US than their portfolios might contain alone.
“Detailed IEDs have been invaluable in natural catastrophe modeling, for benchmarking, creating exposure and risk proxies, and modeling industry risk for Insurance Linked Securities (ILS). Now, the cyber market can benefit from all of those same use cases,” said Cody Stumpo, CyberCube’s Senior Director.
Jon Laux, CyberCube’s VP of Analytics, added: “We’re excited to make our cyber IED available to the (re)insurance industry. It’s an essential step forward for insurers to better understand the segments they are underwriting or could be covering, and for the (re)insurance community, collectively, to have a clearer view of the big picture about what’s driving cyber exposures. The release of these exposure databases furthers CyberCube’s objective to enable a common currency for cyber risk transfer discussions.”