Cyber insurance has been in the news a lot lately. This could be for a number of reasons. The increased level of threats that now exist, the introduction of laws and regulations such as GDPR, or quite simply because this is now a booming market among SMBs. According to Information Age, despite being popular among large enterprises with deep pockets, the cyber insurance market has experienced significant growth across SMBs over the past year.
They attribute this surge to an increase in affordability, accessibility and compliance requirements. What’s more, the rise in cyber attacks against SMBs is making organizations realize the importance of implementing cyber contingency plans. But cyber insurance still holds a strong position in larger organizations.
CyberCube, a leading provider of cyber risk analytics for the insurance industry, today announced that CNA, one of the largest U.S. commercial property and casualty insurance companies, has signed an agreement for use of the provider’s cyber insurance analytics platform to supplement the insurer’s ability to underwrite, price and model cyber risk.
Cyber risks present unique challenges to insurers due to increasingly complex cyber threats, the rapid pace of digitization, and limited historical data. As the global cyber insurance market continues to grow exponentially, CyberCube’s cyber risk-modeling platform will enhance CNA’s underwriting workflows, provide it with increased cyber aggregation capabilities, and develop a customized view of exposure.
“Our customers face emerging cyber challenges daily,” said Andrew Lea, Vice President, Underwriting for Errors & Omissions, Cyber & Media Liability, CNA. “We are thrilled to leverage CyberCube’s expertise and risk-modeling capabilities, as they empower our underwriting and risk-modeling teams to better address these challenges.”
“CyberCube is excited to partner with CNA to help with underwriting analytics and portfolio management,” said Pascal Millaire, CEO of CyberCube. “Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s world-leading threat intelligence. We are pleased to support CNA, one of the nation’s leading insurance providers, in navigating one of the most complex risks facing their customers in the 21st century.”
CyberCube risk-modeling platform combines single risk underwriting and aggregation risk modeling to help insurers accurately measure the financial impact of emerging cyber risks. Cyber insurance is one of the fastest-growing insurance lines to emerge in decades, and is expected to reach $20 billion in premium revenue by 2025.
Disclosure: This article includes a client of an Espacio portfolio company