Hong Kong-based reinsurance agency Peak Re has tapped cyber danger analytics platform CyberCube to strengthen its cybersecurity protection.
The tie-up will see the reinsurer licensing CyberCube’s cyber danger accumulation mannequin Portfolio Supervisor, which helps reinsurance professionals construct insights for his or her senior administration and groups.
Apart from, the answer allows stress testing of cyber portfolios for detection of potential accumulation occasions in addition to loss drivers.
Peak Re director and Casualty Product Underwriting head Edward Shen mentioned: “Through the use of CyberCube’s platform, Peak Re will improve its presence within the cyber market with better confidence.
“Information-driven analytics will present us with a deeper understanding of accumulation danger and assist us higher serve our prospects within the expectation of the persevering with rising demand for cyber reinsurance globally.”
Based in 2015 inside Symantec, CyberCube presently runs as a standalone entity specialising within the insurance coverage sector.
The agency presents a cloud-based platform to allow insurance coverage corporations to quantify cyber danger, which is alleged to lead to improved cyber danger underwriting and cyber danger aggregation administration.
It’s backed by people of Stone Level Capital and Scott G Stephenson, Forgepoint Capital, HSCM Bermuda, MTech Capital, and Morgan Stanley Tactical Worth.
In December final yr, CyberCube raked in $50m to advance the industrial improvement of its merchandise.
CyberCube principal guide and actuary Jon Choi mentioned: “Peak Re’s presence available in the market and use of Portfolio Supervisor will assist to create revolutionary reinsurance options for cyber perils in Asia and past.
“Our instrument will empower Peak Re to know cyber danger higher, significantly close to the distinctive applied sciences and alternatives inside the Asian market because it pertains to the evolving danger of cyber threats.”
