Hot on the heels of its 2021 cyber risk solution of the year award, insurance cyber risk analytics provider, CyberCube clinches the 2022 stress scenarios software of the year title.
The last 12 months have seen an increase in the frequency and severity of cyber-attacks and prompted CyberCube to release the third version edition of its portfolio manager in July 2021, which was the second major upgrade to its original platform. The new offering 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.
CyberCube says the offering is the market's first fully probabilistic cyber catastrophe model and allows users to identify loss drivers and risk accumulation areas.
Andrew Kao, principal product marketing manager at CyberCube, puts its award win down to the firm keeping pace with new trends and soliciting feedback from industry experts and client stakeholders.
He says cyber risk's position as a "developing discipline" means constant observation of the peril is a necessity.
"It is crucial to monitor the landscape and make additions, revisions, and changes through regular model updates.
"This allows CyberCube to continually monitor model assumptions against experience, develop emerging scenario classes as new threats come to the fore, and include any shifts in the regulatory or legal environment."
Kao adds the fourth version of its portfolio manager is also in development in a bid to "to increase the underlying rigor and analytical flexibility of our solution to provide more transparency and control for our re/insurance clients to develop their own understanding of their risk and risk accumulations."
"We are also continuing our efforts to enhance our scenario catalogue to further improve our clients' ability to stress test their re/insurance portfolios against a range of systemic cyber-related scenarios."