The partnership will see CyberCube’s products made available to AkinovA’s platform. In doing so, the entire value chain of the risk transfer sector can gain access to CyberCube’s models.
CyberCube’s models are based on cyber risk scenarios including ransomware attacks, cloud outages and major systemic risks to support the insurance, reinsurance and Insurance-Linked Securities (ILS) organisations to make better decisions when placing and managing cyber risk.
Juan Marcano, Alternative Risk Transfer Principal at CyberCube, said: “As a trusted facilitator to the risk transfer sector and a powerful advocate for the benefits of new technology, AkinovA is an ideal partner for us at CyberCube. This is a real vote of confidence in CyberCube’s products and the insights they generate.
“Our products provide businesses with the knowledge they need to make empowered choices about cyber risk. By combining our knowledge of the cyber ecosystem and our modeling capabilities, we’re able to model various cyber scenarios that can be used to stress test portfolios – or even individual risks. The information gained from these exercises is vital in pricing and effectively managing a portfolio of cyber risk.”
Henri Winand, AkinovA CEO, commented: “In 2020, AkinovA pioneered first-of-a-kind Cloud outage and cyber-induced electricity power generation downtime risk transfers together with AkinovA ecosystem partners, including a leading broker and underwriting capital. One of the challenges was to quantify the risk itself.”
“This partnership with CyberCube represents a significant milestone in our objective to bring new risks and capital to the risk transfer market. By joining forces with CyberCube, we bring access to the tools needed by insureds, brokers and capital providers to properly understand and evaluate one of the fastest-growing segments in the risk transfer space.”, Winand continued.
CyberCube delivers analytics to quantify cyber risk for the insurance industry.
With data access and multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation.
CyberCube’s enterprise intelligence layer provides insights on millions of companies and includes modeling on thousands of points of technology failure.