CyberCube upgrades Portfolio Manager tool

Cyber analytics provider, CyberCube has upgraded its cyber catastrophe modelling platform to take in changes to the risk landscape over the last two years, including an increased reliance on the cloud, and ransomware attacks.

Portfolio Manager allows insurers to stress test re/insurance portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.

The company said the changes reflect an increase in the reliance on the cloud across most industries along with an uptick in the use of ransomware. It added that cyber insurance contracts have also seen a moderate expansion on coverages and limits with business interruption still the core driver of cyber aggregation risk across insurance portfolios.

Josh Pyle, CyberCube’s actuarial director, commented: “Cyber is a dynamic, man-made peril so it's important we update the model to reflect the current threat landscape. This gives us the chance to explicitly address new and revised assumptions and incorporate learning from events that have occurred since the initial launch.

“In this update, we have taken a fresh look at scenario class narratives, event frequencies, occurrence footprints, and scenario-level loss severity calculations. In addition, we’ve added several new scenario classes, addressed user feedback and added functionality so that this product version is even more user friendly and robust.”

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