Cyber analytics provider, CyberCube has released an updated version of Account Manager, its cyber risk modelling platform used by insurers and reinsurers.
Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote.
Enhanced risk modelling and analytics are essential to help underwriters better understand the exposures they are writing, which can also result in more accurate pricing assumptions being made.
The update includes a revamp of its scoring methodology and the addition of a broader collection of threat information, all designed to reflect the evolution of cyber threats since Account Manager’s initial launch.
Unlike context-free security scores which leave the interpretation to the user, CyberCube’s scoring methodology evaluates risks through the lens of security and exposure from an insurance perspective. Underwriters will then be able to define their risk tolerance and use these scores to standardize and automate the underwriting process across the organization.
The update will ensure a revamp of its scoring methodology along with the addition of a broader collection of threat information. This is all designed to reflect the evolution of cyber threats since Account Manager’s initial launch.
Morgan Hervé-Mignucci, CyberCube’s Director of Cyber Risk Modelling, said: “It’s important to update Account Manager because cyber is such a dynamic peril, so we need to reflect the most up-to-date landscape we can. We have sourced and curated signals related to the digital supply chain, web traffic hygiene and common software vulnerabilities as a part of the new edition of the product. We have also revised our scoring algorithms to include new risk factors to help underwriters select, differentiate, and price risk in a robust fashion.”
Ashwin Kashyap, Co-founder of CyberCube and Head of Product and Analytics, also commented on the update: “The insurance industry is turning towards alternative data to make better decisions on risk selection and pricing. Given the competitive nature of the cyber insurance market that is increasingly moving towards zero-question underwriting for small business, CyberCube’s platform provides an edge through access to information on millions of companies at scale to implement a data-driven underwriting process.”
