The world has been met with some unprecedented challenges ever since the global pandemic brought normality to a halt. The burgeoning effects of this global threat have created some novel challenges in various parts of modern industry which have opened up new spaces for invention and innovation.
The insurance sector has had its ups and downs since its integration into society, but the huge rise in remote working caused by COVID-19 has contributed to what might very well be its biggest challenge in over 100 years.
Cyber risk has evolved to become the greatest peril to organizations around the world. With the growth of cloud-based service providers, the threats to businesses have been turned up a notch to create an increased risk of a single point of failure.
Critical business systems have to deal with the looming possibility of infiltrations and disruptions. The rebounding effects of such imminent dangers have created the need for improved risk management insurance services.
CyberCube was born out of the world’s leading cybersecurity company, Symantec, to help address these issues and support the insurance industry. It was launched as a standalone, independent VC-backed company in January 2018 with financial backing and governance from cybersecurity and insurtech specialist investors.
This led to a $40 million Series B capital raise which was completed in March 2020. It has invested close to $150 million in the development of its cyber catastrophe risk models.
CyberCube combines deep expertise from both the insurance and cybersecurity worlds. By enabling the use of data services, models, and signals, CyberCube’s clients have a direct outlook of the bigger picture in conjunction with their line of business.
Ross Wirth, General Manager of Platform at CyberCube, explains the issues the insurance community faces. “The cyber risk environment is growing and changing at a rapid pace. Modeling such unique and evolving cyber risks has been a challenge.”
The teams at CyberCube come together to assist the decision-makers of leading insurers, reinsurers, and brokers. Making sense of the data analytics solutions space can be hard to handle when there are too many systems and sources of data.
CyberCube channels its resources at eroding the inconsistencies within the system and enabling focus on the right signals by embedding their products into the business ecosystem.
By empowering its partners with customized information about their clients, CyberCube ensures informed decisions can be made about how much risk to transfer through cyber insurance purchases.
This data and analytics company enables clients to evaluate the risk profile of the insured and generate scores that are used to automate underwriting actions and apply adjustments to technical pricing. CyberCube offers catastrophe modeling for enterprises to provide a single view of their book of business across natural and cyber catastrophe risk.
“Cyber is our business, not just a hobby”, said Ross Wirth. “In addition to our proprietary data, our data team evaluates hundreds of third-party data providers to identify and partner with the data that meaningfully drive our models.”
The company’s accomplishments are largely due to its dynamic business model and its partnership with the world’s leading cyber carriers, reinsurers, brokers, and capital providers. CyberCube lists among its clients 17 out of the 30 largest cyber insurers, four out of the five largest reinsurers, and 16 out of the top 50 cyber insurance brokers, in the world.
The future of CyberCube lies in the continued growth of its technology services. Ross Wirth is currently focusing on the expansion of CyberConnect – its existing Application Programming Interface (API) offerings.
“CyberConnect provides access to the scalable, secure platform that houses CyberCube models, signals, and data,” he explains. “These external APIs enable the integration of CyberCube’s models into a company’s business workflow, delivering operational efficiency and streamlining its cyber risk modeling ecosystem.”
The company’s business appeal is evidenced by its growing numbers. With nuanced services directed straight at the heart of the problem, CyberCube continues to lead the digital revolution in the insurance sector.