Covid-19 has sharpened the world's focus on cyber risk. As organisations rapidly shifted to remote working at scale, cyber attackers took advantage of the response to launch new exploits.
Insurance cyber analytics provider, CyberCube, recognises these challenges. Its models aim to help insurers understand their cyber risk exposures, by drilling down and identifying loss drivers and areas of accumulation risk.
Development of its systems continued during the pandemic. In April 2020, for example, CyberCube released an updated version of Portfolio Manager, its cyber risk modelling platform for re/insurers and reinsurance brokers. CyberCube also launched its Broking Manager solution last year.
Promoting industry-wide collaboration in the cyber arena was a key focus in 2020. And CyberCube reinforced its credentials as a thought leader when the business hosted three cyber analytics workshops alongside global independent think-tank the Carnegie Endowment for International Peace.
The provider has also gained several new clients over the past year, including Lloyd's, Hiscox, Lockton and Woodruff Sawyer.
Commenting on the main cyber risks facing re/insurers, Yvette Essen, head of content and communications at CyberCube, says: "Technology transformation is a key theme. Connections to the internet and networks will continue to dramatically expand, along with associated risks. For example, the hyperconnectivity of 5G networks will allow much faster and more reliable transmission of data — and malware.
"This will make corporate networks harder to defend. The Internet of Things will also increase its presence, with extensive adoption of both consumer applications and expanded industrial uses. The ongoing transition to cloud computing will reinforce our reliance on a small number of critical platforms in the space."
Essen adds: "It is becoming widely acknowledged that a rigorous and structured approach to cyber risk accumulation management is a prerequisite and a necessity for carriers.
"Fledgling deterministic insurer models will be supplemented and/or replaced with additional data sources and modelling capabilities to provide greater insight into different portfolios."