Innovative cyber risk analytics leader CyberCube has deepened its collaboration with Lockton Re, the reinsurance arm of the world’s largest privately held independent insurance broker.
Lockton Re’s decision to license CyberCube’s cutting-edge Industry Exposure Databases signifies a pivotal step in bolstering their cyber risk modeling and analytics solutions.
CyberCube’s Industry Exposure Databases were introduced in October 2022, and they serve as an invaluable resource for (re)insurers and brokers seeking to conduct benchmarking, sensitivity analysis, and real-time assessments of cyber risks.
These databases, which include CyberCube’s Economic Exposure Database (EED) and Industry Exposure Database (IED), work seamlessly with Portfolio Manager, enhancing the capabilities of this industry-leading cyber portfolio modeling solution.
Lockton Re has previously obtained a comprehensive set of tools from CyberCube, which includes the highly regarded Portfolio Manager. As the preferred cyber risk modeling platform in the (re)insurance industry, Portfolio Manager enables Lockton Re to assess the resilience of their portfolios against various critical cyber events, such as data breaches, cloud outages, and global ransomware attacks, among other scenarios.
Simon Shreeve, Principal Client Account Manager at CyberCube, expressed his delight at the expanded partnership with Lockton Re. He emphasized that the integration of the IED will enable Lockton Re to deliver market-wide analytics that can help clients refine their underwriting, portfolio, and reinsurance strategies.
The IED’s credibility as a vetted and independent dataset also creates opportunities for alternative reinsurance structures, a significant advantage in the current landscape where securing additional reinsurance capital is critical for cyber risk management.
Adam Braithwaite, Senior Reinsurance Actuary at Lockton Re, shared his enthusiasm about the partnership. He acknowledged that having access to high granularity data through the Industry Exposure Database provides Lockton Re with a potent tool to answer vital questions about the size and shape of the cyber market.
This elevated level of insight and services will empower Lockton Re’s clients to make informed decisions about their position in the ever-evolving cyber landscape.
