CyberCube collaborates with URS to provide security solutions for the insurance and reinsurance sectors
CyberCube is to partner with Ultimate Risk Solutions (URS), a provider of actuarial capital modeling to the insurance and reinsurance sectors.
The partnership will see URS integrate CyberCube’s Portfolio Manager model outputs with its Risk Explorer financial analysis software for insurers and reinsurers. Risk Explorer models risk and capital, ceded reinsurance evaluation, stochastic financial reporting and asset portfolio modeling.
In this partnership, Risk Explorer will use CyberCube’s sophisticated models based on specially designed cyber risk scenarios including ransomware attacks, cloud outages and major systemic problems to provide URS’ clients with a more fully realised view of their exposures and capital needs.
Portfolio Manager is used to stress test entire portfolios of cyber risk against a range of modeled threat scenarios. It is a scenario-based data-driven model that enables enterprise risk managers in reinsurance organisations to analyse and communicate key messages on cyber exposures to both their senior leadership and their working teams.
Ross Wirth, CyberCube’s Head of Client Account Management and Technology Services, said: “URS is a market-leading actuarial capital modeler that has provided insurer and reinsurance clients we have in common with extremely sophisticated modeling capabilities. By partnering with the URS team, we are able to add the power of Portfolio Manager to the company’s offering, thus introducing cyber cat modeling and bringing a new dimension to the Risk Explorer platform.”
Madhuri Kumar, URS’s Executive Director, said: “Our clients seek access to cyber modeling capabilities in order to create a complete view of risk in their organisations. CyberCube and Portfolio Manager provide that capability with models recognized by the industry as the currency for quantifying cyber risk.”
CyberCube’s partnership with URS takes effect immediately.