CyberCube, which delivers cyber risk analytics for the insurance industry, has released cyber scenarios for part of Lloyd’s of London’s RDS exercise
CyberCube, a cyber analytics firm, has created three cyber-specific scenarios for Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise.
Lloyd’s is a prominent insurance and reinsurance marketplace that delivers the efficiencies of pooled resources and services in a marketplace that covers and shares risks from over 200 jurisdictions, in any sector, at any scale.
The three scenarios – a cyber power outage, widespread malware, and a cloud outage – will enable Lloyd’s managing agents and syndicates to stress test their risk portfolios against these cyber threats.
Helping the cyber insurance market to grow
The CyberCube platform was launched in 2015 as part of Symantec and is now a stand-alone startup focused solely on the insurance market, with financing from ForgePoint Capital, HSCM Bermuda, MTech Capital, and people from Stone Point Capital.
Through the application of its cyber risk analytics, the company aids the profitable growth of the cyber insurance sector. It enables insurers to make data-driven risk decisions, identify trends before they become claims, and address complex and significant concerns. Insurance placement, underwriting selection, and portfolio management optimization are all aided by the combined power of data, multi-disciplinary analytics, and cloud-based technologies.
Exposing the most up-to-date threat landscape and associated cyber threats
CyberCube’s Portfolio Manager solution will allow syndicates and managing agents to run the scenarios and create the appropriate loss details for Lloyd’s. CyberCube models can be utilised in the RDS data-gathering operation for cyber-specific RDS.
“This is the third year in a row that CyberCube has worked with Lloyd’s syndicates to deliver cyber scenario results,” said John Anderson, Senior Product Manager at CyberCube. We’ve worked closely with Lloyd’s as a development partner, and we’re still making sure that our Portfolio Manager product scenarios meet and mirror the modelling and outputs required for the RDS collection. The situations are complete and ready to utilise right now.”To stress test both individual syndicates and the market as a whole, Lloyd’s maintains a set of obligatory Realistic Disaster Scenarios. The Lloyd’s market can analyse each syndicate’s and the market’s financial resilience by looking at how these scenarios effect their insurance risk portfolios. The scenarios also reveal the most recent danger landscape as well as connected cyber threats that result in large losses. Some scenarios are required for all syndicates, while others must be submitted if expected losses surpass a certain level.