Munich Re teams up with CyberCube
CyberCube, a leading provider of cyber risk analytics for the (re)insurance industry, announced that Munich Re has selected its cyber insurance analytics platform to support state-of-the-art quantification, modelling and control cyber accumulation risk. Munich Re is the market leader in the swiftly growing cyber (re)insurance market and offers both insurance and reinsurance under one roof.
The reinsurance industry is offering expert solutions and providing significant capital to nurture the growing cyber insurance marketplace. An extreme cyber event has the potential to deeply impact thousands of organizations at once, and the accumulation of liabilities across multiple insured portfolios could result in substantial losses. CyberCube’s cyber risk-modeling platform enables (re)insurers to strengthen their accumulation risk management and exposure measurement.
Stefan Golling, Chief Underwriter of Munich Re: “Cyber insurance is a key focus of our innovation strategy. We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber eco-system. Leveraging the capabilities of CyberCube will help our underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”
Insurers and reinsurers are in the process of quantifying both the extent of the opportunity and the risk posed by cyber risk. It is critical for reinsurers to look at the cascading impact of largely aggregated cyber-attacks and prepare for it. CyberCube will provide advanced risk modeling capabilities to Munich Re with several cyber risk aggregation scenarios.
Pascal Millaire, CEO of CyberCube: “CyberCube is delighted to support Munich Re in making significant progress to tackle one of the largest opportunities – and threats – to the global P&C (re)insurance market in our generation. Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support a leader in the reinsurance market.”