The data-driven cyber analytics firm that focuses on the insurance industry announced the launch of a new software-as-a-service application called ‘Broking Manager’, designed particularly for insurance brokers.
While the huge growth in digital business and cloud environments enables businesses to grow and scale exponentially, it also opens them up to increased risks and liabilities- from cyber crimes such as hacks and breaches to fraud and phishing incidents. Some risks can be avoided, some can be accepted, and some can be transferred. Cyber insurance, also referred to as cyber liability insurance or cyber risk insurance, is a part of a larger risk management portfolio and helps transfer the risk to an insurance firm as well as develop what is known as cyber resilience for faster, less disruptive recovery after a cyber attack. According to this reportOpens a new window by PwC, Cybercrimes cost the global economy upwards of $400 billion annually, and about one-third of US companies already have some type of cyber insurance coverage. The market is set to grow to about $7.5 billion by the end of this year.
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In April 2020, CyberCube had released an updated version of a cyber risk modeling platform used by reinsurance brokers, insurers and reinsurers, called Portfolio Manager. This platform enables the testing of insurance portfolios against a variety of systemic cyber-related scenarios like cloud outages, data breaches, financial fraud and global ransomware attacks.
Enhancing the capabilities of their cyber analytics product, the company today announced the launch of SaaS offering ‘Broking Manager’. Facilitating efficient and quick client insight for both cyber specialists and generalist brokers, this product helps brokers understand, quantify and explain to their clients, the sources and financial impact of cyber risk exposure.
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Ashwin Kashyap, Co-founder of CyberCube and Head of Product and Analytics, saidOpens a new window , “Cyber insurance as a line of business is still in its early stages of growth and there is a clear need for a solution to help companies make informed decisions on what they need to buy. As trusted advisors to companies on their cyber insurance purchase, insurance brokers play a very important role in the ecosystem by connecting insurance buyers with carriers. CyberCube has built a solution to enable the growth of the cyber insurance market and support this important segment in the insurance value chain.â€
Brokers play an essential role in helping clients detect and manage risk and build more robust cyber risk management portfolios. Broking Manager will help them quantify and illustrate cyber risk exposure to a broader audience without having to become experts in information security.
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