Lockton Re, the reinsurance business of the world’s largest privately held independent insurance broker is expanding its partnership with cyber risk analytics leader CyberCube by licensing CyberCube’s Industry Exposure Databases.
CyberCube’s Industry Exposure Databases were launched in October 2022 to enable (re)insurers and brokers to perform a wide array of benchmarking, sensitivity, and real-time analyses for cyber risks. They provide a foundation for cyber risk models and include CyberCube’s Economic Exposure Database (EED) and Industry Exposure Database (IED). The databases are designed to work seamlessly with Portfolio Manager, the industry’s leading cyber portfolio modeling solution. With both, clients can view each Exposure Database and run analyses to develop industry loss estimates.
Lockton Re already licenses a suite of tools from CyberCube including Portfolio Manager. Portfolio Manager is the (re)insurance industry’s cyber risk modeling platform of choice, allowing stress testing of portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, and global ransomware attacks among others.
Simon Shreeve, Principal Client Account Manager at CyberCube, said: “We are delighted that Lockton Re has expanded its partnership with CyberCube to include our exposure databases. This enables Lockton Re to deliver market-wide analytics to help clients develop their underwriting, portfolio and reinsurance strategies. The IED represents a market-vetted and independent dataset offering opportunities for alternative reinsurance structures at a time when finding additional reinsurance capital is critical to the growth of cyber.”
Adam Braithwaite, Senior Reinsurance Actuary, Lockton Re, said: “Being able to answer key questions around the size and shape of the cyber market with high granularity data is a powerful tool. Incorporating the Industry Exposure Database into our analytics platform will enhance the level of insight and services we can provide to our clients with respect to their position in the broader cyber market.”
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