Hong Kong-based reinsurance agency Peak Re has tapped cyber threat analytics platform CyberCube to strengthen its cybersecurity protection.
The tie-up will see the reinsurer licensing CyberCube’s cyber threat accumulation mannequin Portfolio Supervisor, which helps reinsurance professionals construct insights for his or her senior administration and groups.
Moreover, the answer permits 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 stated: “Through the use of CyberCube’s platform, Peak Re will improve its presence within the cyber market with better confidence.
“Knowledge-driven analytics will present us with a deeper understanding of accumulation threat 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 at the moment runs as a standalone entity specialising within the insurance coverage sector.
The agency presents a cloud-based platform to allow insurance coverage companies to quantify cyber threat, which is claimed to lead to improved cyber threat underwriting and cyber threat 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 business improvement of its merchandise.
CyberCube principal guide and actuary Jon Choi stated: “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 software will empower Peak Re to grasp cyber threat higher, significantly almost about the distinctive applied sciences and alternatives throughout the Asian market because it pertains to the evolving threat of cyber threats.”