#cyber--CyberCube, the market leader of cyber risk analytics for the insurance industry, marked the end of a positive year of strong growth, surpassing 100 insurance organizations licensing CyberCube ...
Market leader in cyber risk analytics and quantification achieves high double-digit revenue growth and breaks ground in new markets
SAN FRANCISCO: #cyber--CyberCube, the market leader of cyber risk analytics for the insurance industry, marked the end of a positive year of strong growth, surpassing 100 insurance organizations licensing CyberCube solutions.
As the cyber insurance market grows in size and sophistication, analyzing, assessing, and quantifying the impact of cyber events is becoming central to the global insurance industry. Today, CyberCube’s analytics are used by 75% of the top 40 US and European cyber insurance carriers (by gross written premiums) to drive decision-making, manage risk, and build cyber resilience.
A remarkable year of growth in 2023
Expanding into new markets
In 2023, CyberCube also played a pivotal role in attracting new sources of capital to manage systemic cyber risk by providing sufficiently robust modeling to transact cyber risk outside the insurance industry. Working with the capital markets, CyberCube supported the placement of the first private Index Linked Security (ILS) and 144A cyber catastrophe (“cyber cat”) bonds in 2023. All cyber cat bonds issued in 2023 utilized CyberCube’s model, marking an expansion into CyberCube serving the financial sector. CyberCube is also assisting other sectors, including the public sector, to build societal resilience to systemic cyber risk.
CyberCube was incubated within Symantec in 2015 and launched as an independent, venture-backed business in January 2018. It now employs more than 120 people worldwide. CyberCube has raised over $100m from highly respected investors, including Forgepoint Capital, HSCM Bermuda, MTech Capital, Morgan Stanley Tactical Value, individuals from Stone Point Capital and Scott G. Stephenson, Founder of SGS Capital and former Chairman, President and CEO of Verisk Analytics.
Pascal Millaire, CyberCube’s CEO, said: “From our inception, CyberCube's goal has been to become the pre-eminent cyber data and analytics partner to the insurance industry. Our progress in 2023 is cementing our leadership position with our insurance partners, and we are just getting started. Cyber has the potential to become one of the largest lines of P&C insurance globally. We are committed to driving excellence in our analytics that enables CyberCube insurance clients to deliver sustainable, profitable growth for decades to come.
“CyberCube’s analytics are creating actionable insights for other sectors of the economy, including unlocking capital to drive innovation, translating cyber risk into financial impact for organizations, and enabling societal resilience to systemic cyber risk. We continue to work with key public and private sector organizations to drive decision-making on cyber peril topics.”
For more information, visit www.cybcube.com.
About CyberCube
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 cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling 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. It is backed by Forgepoint Capital, HSCM Bermuda, MTech Capital, Morgan Stanley Tactical Value, individuals from Stone Point Capital and Scott G. Stephenson. For more information, please visit www.cybcube.com or email info@cybcube.com.
Fonte: Business Wire
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