Reinsurer Lockton Re is expanding its partnership with cyber risk analytics insurtech CyberCube by licensing CyberCube’s Industry Exposure Databases.
CyberCube’s Industry Exposure Databases were launched in October 2022 to enable (re)insurers and brokers to perform a wide array of benchmarking, sensitivity, and real-time analyses for cyber risks.
They provide a foundation for cyber risk models and include CyberCube’s Economic Exposure Database (EED) and Industry Exposure Database (IED).
We are delighted that Lockton Re has expanded its partnership with CyberCube to include our exposure databases.
Simon Shreeve, Principal Client Account Manager at CyberCube
This enables Lockton Re to deliver market-wide analytics to help clients develop their underwriting, portfolio and reinsurance strategies.
The IED represents a market-vetted and independent dataset offering opportunities for alternative reinsurance structures at a time when finding additional reinsurance capital is critical to the growth of cyber.
Incorporating the Industry Exposure Database into our analytics platform will enhance the level of insight and services we can provide to our clients with respect to their position in the broader cyber market.
Adam Braithwaite, Senior Reinsurance Actuary, Lockton Re
The databases 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.
Lockton Re already licenses a suite of tools from CyberCube including Portfolio Manager.
Portfolio Manager is the (re)insurance industry’s cyber risk modeling platform of choice, allowing stress testing of portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, and global ransomware attacks among others.
Cyber risk analytics provider CyberCube has launched of Prep Module Version 1.0, an add-on module of Broking Manager, the firms Software-as-a-Service (SaaS) solution designed specifically for insurance brokers.
CyberCube explained that the add-on module, when paired with Broking Manager will help improve a broker’s overall ability to prepare its clients for the cyber insurance placement process.
Cyber insurance market conditions now require certain cyber hygiene conditions to be met before a company becomes eligible to secure appropriate terms and conditions. With Prep Module, brokers can help their clients identify issues that need to be addressed before underwriters do, identify security ‘red flags’ prior to renewal, and deliver actionable insights to increase insurability.
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