Thu, 14th Jan 2021 13:07SCOR develops a cyber risk management tool through an innovative partnership with CyberCube
Press ReleaseJanuary 14, 2021 - N° 01
SCOR develops a cyber risk management tool through an innovative partnership with CyberCube
The reinsurance industry must manage the risk of large cyber events potentially impacting multiple insured portfolios. Reinsurers are facing a multi-faceted and fast-evolving cyber threat that requires ever greater modeling and analytics capabilities.
SCOR has leveraged its leading edge internally developed CAT Platform designed to manage natural catastrophe risk accumulations and adapted it to meet its cyber risk assessment needs. The Group has integrated the cyber risk model developed by CyberCube - a leading data analytics platform for the insurance industry with which it has partnered - using the flexibility of SCOR’s Cat Platform and CyberCube’s Model Integration Application Programming Interface (APIs).
By integrating CyberCube’s risk model alongside other natural catastrophe models within its CAT Platform, SCOR has further expanded its catastrophe modeling capabilities.
Fully operational for the January 1 renewals, this new architecture significantly boosts SCOR’s cyber exposure management capabilities and improves its operational efficiency, to the benefit of its clients throughout the world.
Jean-Paul Conoscente, CEO of SCOR P&C, commented: “In line with our Quantum Leap strategic plan, under which we are accelerating our use of new technologies, this partnership with CyberCube is a perfect example of how SCOR leverages data management and analysis capabilities to build its knowledge and deliver optimal service to clients. This integrated Cyber platform is a major development that will enable us to further deepen and broaden our management of this key risk in the future.”
Pascal Millaire, CEO of CyberCube, commented: “We are delighted to have deepened our relationship with SCOR by enabling the team to efficiently and seamlessly assess their cyber exposures and accumulation risks during the critical January 1 renewal season. CyberCube is pleased to be the third-party cyber model of choice for SCOR’s ecosystem.”
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modelling on thousands of points of technology failure. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital.
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