Cyber risk analytics firm CyberCube has announced the addition of Matthias Weber, former Group Chief Underwriting Officer (CUO) at Swiss Re, to its Board of Directors.
Weber joined Swiss Re in 1992, and worked across a diverse number of roles and markets during his 25-year tenure at the company, including as Head of Property Underwriting in the U.S Direct Business Unit and as Division Head of Property & Specialty at Swiss Re.
He served as Group CUO and as a member of the Group Executive Committee at Swiss Re from April 2012, and stepped down from the position in June 2017.
Weber will now work alongside former Director of the National Security Agency, Commander of the U.S Cyber Command (USCYBERCOM), and Chief of the Central Security Service Michael S. Rogers, who was also recently appointed to CyberCube’s Board of Directors.
Commenting on Weber’s appointment, Pascal Millaire, Chief Executive Officer (CEO) of Cybercube, said: “We are incredibly fortunate to have such a leading figure in the global reinsurance industry on our Board of Directors.”
“Cyber will change the future of the insurance industry and we aim to provide the analytics that helps drive sustainable growth for the insurance and reinsurance industry in this important new risk”.
Weber also commented: “To be able to provide adequate products, cyber insurance underwriters require forward-looking and cutting-edge analytics to understand and assess the risks underlying the policies they write.
“Having access to exclusive data and the highest-quality experts across multiple disciplines optimally positions CyberCube to become the world’s leading cyber insurance modeling company.”
The CyberCube platform was established in 2015 within Symantec to enable insurers to better underwrite cyber risks and to model catastrophic cyber events, but recently completed its separation from Symantec in March 2018.
Symantec continues to provide exclusive, proprietary telemetry data license to support CyberCube’s risk models, as well as access to its managed adversary and threat intelligence team (MATI).
Kenneth Schneider, who leads Symantec Ventures, stated: “This appointment helps complete the vision of combining leading cybersecurity data with insurance industry expertise in one company dedicated to cyber insurance analytics.”
“The insurance industry has a lot to learn from the technology industry and the technology industry also has a lot to learn from insurers” added Donald R. Dixon, existing Board member at CyberCube and Managing Director at ForgePoint Capital.
“For successful InsureTech companies to thrive, they need to bring in seasoned insurance expertise to appreciate the unique dynamics of this complex, highly regulated industry,” he continued.