CyberCube has made public the intellectual process that shapes its cyber threat scenarios.
In a paper released today, the analytics provider offers an insight into its scenario development process as it creates new threat scenarios or refines existing ones. The scenarios allow re/insurers and brokers to analyse and stress test their portfolios of cyber risk.
Cyber is a very dynamic and fast-moving domain, with automation and digitalisation carrying growing cyber security risks. It is a major issue within the international insurance markets as risk carriers seek to identify and quantify cyber risk in both standalone cyber insurance products and individual classes of business such as property.
Darren Thomson, the firm's head of cyber security strategy, said: “The creation of risk scenarios is one of the most important and complex aspects of risk management in the insurance sector. It’s not a perfect means of testing an insurance portfolio but it’s a highly effective tool for insurers to deploy.”
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