Hiscox plans to use technology developed by cyber risk analytics company CyberCube to generate better insight into potential systemic cyber risk.

The partnership deal gives Hiscox access to CyberCube’s Portfolio Manager product, which will stress test Hiscox’s book of global commercial insurance business against a range of cyber-related catastrophe scenarios, such as cloud outages and global ransomware attacks.

CyberCube’s risk-modelling platform lets insurance market participants strengthen their accumulation risk management and exposure measurement. Cyber risk is a major issue within the international insurance markets as risk carriers seek to identify and quantify cyber risk in both standalone cyber insurance products and individual classes of business such as property.

Source: CyberCube

Topics Mergers & Acquisitions Cyber