Insuranceciooutlook

Toward Augmenting Insurers' Cyber Risk Aggregation Management

By Insurance CIO Outlook | Friday, July 26, 2019

Pascal Millaire, CEO

The advanced security is powered to promote the management of cyber threat aggregation of insurers and enhance the safety of future businesses.

FREMONT, CA:  Even though we have come a long way in terms of developing innovative solutions, the constant threat of cyberattacks complicates the daily functioning of enterprises. Given the regular increase of cyber vulnerabilities, the necessity to check the cumulative risk of overall systems elevates.

In order to solve the growing problem, CyberCube, a cyber risk analytics provider for the (re)assurance industry, will render its cyber insurance analytics platform to  Aon, a global professional services firm providing a broad range of risk, retirement, and medical solutions.

The undetected and loosely managed security gateways can have a profound impact on individual corporations and further lead to the accumulation of liabilities across multiple sectors. With the negligence of proper firewall management, the liabilities across various insured portfolios could result in substantial losses for the enterprise.

With most of the conventional insurance systems lacking the ability to detect security risks, the need for robust management increases even further. Following the collaboration, Pascal Millaire, CEO of CyberCube said, “CyberCube is delighted to support Aon in building the market for one of the largest opportunities – and threats – to the global P&C (re)insurance sector in our generation. Our industry-leading cyber risk-modeling platform is powered by best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support Aon and its insurance carrier clients in this important emerging risk.”

On the integration of cyber risk aggregation management from CyberCube, Catherine Mulligan, Global Head of Cyber for Aon’s Reinsurance Solutions business, said, “Technology is a critical part of an insurer’s armory. Our collaboration with CyberCube enhances our multi-model approach, which enables insurers to more accurately quantify aggregation in their portfolio for more informed underwriting while helping customers to understand their own cyber exposures and develop appropriate controls.”   

For its enormous contribution in empowering cyber insurers, Insurance CIO Outlook recognized CyberCube as one of the “Top 10 Analytics Solution Providers” in 2018. “We are committed to enhancing all our sources of data and working on integrating data with other cybersecurity companies. In the months ahead, we envision addressing the needs of more and more insurers in the U.S. and play a significant role in helping them achieve their business goals,” said Millaire.

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