Hiscox and CyberCube have entered into an agreement that will give the insurer access to the provider’s Portfolio Manager product to stress test its book of global commercial insurance business against a range of cyber-related catastrophe scenarios, generating better insight into potential systemic cyber risk.
CEO of CyberCube, Pascal Millaire, said: “As cyber risk becomes more prevalent within the insurance market – and indeed the wider world – analytics tools like those offered by CyberCube are becoming a core part of an insurer’s toolkit. We’re delighted to be partnering with Hiscox to provide insights from our risk model to augment Hiscox’s existing capabilities as a leading specialist insurer.”
Director of underwriting risk at Hiscox, Robert Caton added: “We invest a great deal in understanding the risks we are exposed to. Cyber is an area where the potential for accumulation risk is easy to visualise and describe but challenging to size and calibrate as there have been few if any truly catastrophic market wide losses. Partnering with CyberCube to access its modelling tools, data, and specialists perfectly complements the internal expertise and capability we have developed over the past few years.”
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