CyberCube Analytics, which is backed by investment from Trident Capital Cybersecurity and technology from Symantec Corporation, recently announced the launch of its first product, a new cyber risk modelling platform.
CyberCube has announced the availability of its risk-modelling platform, which processes terabytes of unique data sets and applies multidisciplinary analytic methods.
Alberto Yépez, co-founder and managing director at Trident Capital Cybersecurity, said: “Cyber insurance is one of the fastest growing insurance lines to emerge in decades, expected to reach $20 billion in premium revenue by 2025.
“But the market is constrained by the lack of robust analytics to price cyber risk or understand systemic risk. We are creating the industry standard platform to address these challenges for cyber insurers.”
Symantec Chief Executive Officer (CEO), Greg Clark, said: “Symantec Ventures was created to be a catalyst for critical breakthroughs and innovation in the cyber security industry.
“We are excited about CyberCube’s ability to address the needs of the cyber insurance market and believe that they are well positioned to realize the full potential of this large opportunity. We partnered with Trident Capital Cybersecurity to launch CyberCube because of their proven success in growing cyber security companies.”
Symantec has contributed technology assets developed in collaboration with leading insurance underwriters in return for an equity stake in CyberCube Analytics.
In addition, Symantec will provide an exclusive, proprietary telemetry data license to augment CyberCube’s risk models, and the investment will be managed under the Symantec Ventures portfolio.
Pascal Millaire, CEO of CyberCube, added: “Cyber is one of the most important risks facing society in the 21st century and therefore it is one of the most important risks facing the insurance industry.
“With the backing of Trident Capital Cybersecurity and Symantec Ventures, CyberCube is uniquely positioned to help insurers underwrite and model cyber risk in a way that no one else can.”