CyberCube announces a partnership with NFP, an insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, to provide its broking manager product to NFP professionals worldwide. Broking manager will support NFP’s cyber business growth with tools that quantify and explain the sources and financial impact of cyber risk exposure to clients. Relevant cyber events The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking. Broking manager is the first software-as-a-service application CyberCube has built specifically for the insurance broking community. Broking manager complements CyberCube’s two other products, portfolio manager and account manager It offers a streamlined approach to generating financial exposure impact that helps clients make informed decisions on coverages and limits. Broking manager complements CyberCube’s two other products, portfolio manager and account manager, which are designed for risk carriers and used by companies across the insurance ecosystem. Providing cyber risk insight “NFP was looking for a tool that could provide cyber risk insight for their diverse portfolio of clients, which spans industries and business sizes,” said Pascal Millaire, CEO of CyberCube. “Broking manager does just that, giving the NFP team the analytics and benchmarking it needs to grow its cyber business significantly and more effectively serve its clients and prospects.” “After a thorough review of offerings, we found that Broking manager fits our needs perfectly,” said Akhil Chopra, Managing Director and Head of NFP’s Cyber Liability Practice. “We’re focused on growth and new technologies, to offer our clients the very best possible insights into their cyber vulnerabilities and what they can do to address them.”
TechAssure, the global network for insurance brokers specialising in technology risks, is partnering with CyberCube to roll out its Broking Manager product to the network’s members worldwide. Formed in 2000, TechAssure is a not-for-profit association headquartered in Davidson, North Carolina. TechAssure’s network consists of 30 retail brokerages servicing over 5,000 technology and life science clients globally. Software service application Broking Manager is the first software-as-a-service application CyberCube has built specifically for the insurance broking community. It offers a streamlined approach to generating financial exposure impact that helps clients make informed decisions on coverages and limits. Broking Manager will allow TechAssure’s member firms to quantify and explain to their clients the sources and financial impact of cyber risk exposure. The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking. Cyber risk Pascal Millaire, CEO for CyberCube, said, “As trusted advisers to technology businesses all around the world, TechAssure’s member firms are only too aware of the rapidly changing nature of cyber risk.” “That makes it particularly pleasing that they’ve chosen to partner with us. This is a real vote of confidence in CyberCube’s products and the insights they generate.” Leading analytics platform TechAssure Executive Director Garrett Droege added, “TechAssure is very excited about partnering with CyberCube to add value to our members through analytics.” “By using a state-of-the-art software product, TechAssure members will be able to deliver best-in-class guidance on cyber risks for their clients in the innovation ecosystem. As leaders in the technology risk space for over 20 years, TechAssure sees CyberCube’s Broking Manager as one of the leading analytics platforms available for cyber risk management.” Broking Manager complements CyberCube’s two other products: Portfolio Manager and Account Manager, which are designed for risk carriers and are used by leading companies across the insurance ecosystem.
St Louis-headquartered insurance brokerage Crane Agency is to roll out CyberCube’s Broking Manager, the cyber risk analytics platform for insurance intermediaries. Crane Agency is a US top 100 retail insurance broker, the oldest west of the Mississippi. Established in 1885, the business is licensed in 50 states and has four other offices in Missouri with over 250 staff. Broking Manager is the first software-as-a-service application CyberCube has built specifically for the insurance broking community. It offers a streamlined approach to generating financial exposure impact that helps clients make informed decisions on coverages and limits. Financial impact of cyber risk Broking Manager will allow Crane’s team to quantify and explain to their clients the sources and financial impact of cyber risk exposure. The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking. Authority comments Pascal Millaire, CEO for CyberCube, said, “Crane Agency is a forward-looking insurance business that sees much potential in the cyber market. It’s been a pleasure to work with them and we’re thrilled they’ve chosen to use Broking Manager to assist with understanding their clients’ needs.” Beth Martin, Management Liability and Cyber Practice Leader, Crane Agency, said, “We’re very excited to be partnering with CyberCube. It’s our firm belief that Broking Manager will provide exceptional insights for our clients at a time when the cyber risk landscape is changing markedly.” “The pandemic and the shift in working patterns it has generated mean new risks, new modes of cyber-attack and new vulnerabilities. With businesses coming to terms with these changes, we see considerable potential for growth in the cyber insurance market.” Portfolio Manager and Account Manager Broking Manager complements CyberCube’s two other products, Portfolio Manager and Account Manager, which are designed for risk carriers and are used by foremost companies across the insurance ecosystem.
While cybersecurity may not seem the most urgent priority for entrepreneurs and their start-up business ventures, increasing the emphasis placed on cybersecurity reaps rewards as the business matures. This is the key message from cyber risk analytics expert CyberCube in its contribution to a new World Economic Forum report published. The report Incentivising Responsible and Secure Innovation: A Framework for Investors and Entrepreneurs focuses on incentivising secure and responsible innovation during this period of rapid technological change and high consumer demand for internet-connected products. According to the report, “digital technologies are introducing new vulnerabilities faster than they can be secured and the prospect of curbing cyberattacks diminishes with each additional unsecured technology”. Strong cybersecurity cultures missing In its submission to the World Economic Forum, CyberCube noted that many start-ups are hindered from developing strong cybersecurity cultures because of the competing pressures of product development and rapid workforce expansion. To counter this, cybersecurity needs to be prioritised and embedded in the business from the get-go. Ajay Garg, CyberCube’s Head of Engineering, said: “Security belongs to everyone in an organisation, not just the security team. Everyone handles data and uses passwords so they all have a part to play. Even in their earliest stages, businesses increasingly need to establish a security culture and reinforce it through small, attainable goals.” Other useful techniques identified by CyberCube for instilling a security mindset include managers leading by example; thinking creatively to make the topic engaging for staff and focusing on raising employee awareness of the issues. Cyber essentials framework Pascal Millaire, CyberCube’s CEO said: “Too often, cybersecurity is viewed only as an information technology issue for which only IT professionals are responsible. The cyber essentials framework promoted by the World Economic Forum reframes cybersecurity into a strategic business challenge transcending across organisational, product and governance issues for all entrepreneurs, innovators and their investors.” Pascal Millaire attended Davos in January 2020 as part of CyberCube’s position as a World Economic Forum Technology Pioneer. The World Economic Forum’s report Incentivising Responsible and Secure Innovation: A Framework for Investors and Entrepreneurs is available from the Forum’s website.
In a world increasingly exposed to technology-based cyber security threats, the global insurance industry is well-positioned to play a greater role in rewarding those organisations that take cyber security seriously and have standard solutions in place to counter them. This is the call from globally renowned cyber analytics company, CyberCube in a report timed for release to coincide with the World Economic Forum annual meeting in Davos, where its chief executive is participating. Cyber security best practices Pascal Millaire, Chief Executive Officer of CyberCube, outlined in discussions in Davos that in addition to offering beneficial terms to organisations demonstrating best practice in cyber security, insurers must work closely with governments to help enforce minimum security standards. Insurers were also well-placed to offer approved vendor cyber security schemes He also argued that insurers could help clients reduce cyber losses by sharing information they gain from managing large volumes of cyber claims. Insurers were also well-placed to offer approved vendor cyber security schemes. Enterprise security Furthermore, businesses need to think differently about how they approach cyber risk. Rather than viewing it as an issue for their IT departments, they need to address it across their entire organisational structure in a much more holistic way. CyberCube is one of the globally renowned providers of cyber risk analytics to the insurance industry. Its report, Understanding the Societal Impact of the Fourth Industrial Revolution and The Role of Insurance, explores society’s growing vulnerability to digital risks and the steps the insurance industry can take to address the threat. Rise of 5G network The report notes that the arrival of 5G networks being rolled out around the world will provide criminals with faster and wider access to critical infrastructure and associated online services. As 5G becomes widespread, larger data packages will facilitate easier and more impactful cyber-attacks without any geographic boundaries. Pascal Millaire of CyberCube explained, “For centuries, the insurance industry has been the key to unlocking the economic potential of new technology. Part of this has always been insurers’ ability to drive improvements in safety and regulation. That ability will be critical as global cyber risk increases”. Digitise services and products He adds, “We’re at a point at which the global economy is racing to digitise services and product offerings. This has far-reaching implications for society. With the exponential rise in the connected economy, there is a huge opportunity for both innovation and exploitation. As tangible and intangible items become hyperconnected, the implications of failing to get security and privacy right have much bigger consequences than they did in the past”. Pascal further added, “Given the risks attributable to cyber can never be reduced to zero, insurance provides a way to transfer some of an organisation’s cyber risk. For a company spending $20 million on cyber security, it is appropriate to ask whether that company is best served by spending an incremental US$ 1 million on more cyber security or by buying cyber insurance, when a holistic risk management lens is considered.” Countering disruptive cyber-attacks and ransomware Electoral systems are also vulnerable, as was demonstrated in the Ukrainian elections of 2014 The report highlights a range of digital threats including disruptive cyber-attacks, ransomware, as well as the targeting of infrastructure and transportation systems. Electoral systems are also vulnerable, as was demonstrated in the Ukrainian elections of 2014. Pascal Millaire was taking part in a workshop at Davos titled ‘Market Incentives for Secure and Responsible Innovation’. He was invited to attend as CyberCube was named by the World Economic Forum as one of its Technology Pioneers in 2019. Deploying advanced digital technologies, innovations Technology Pioneers are early to growth-stage companies from around the world that are involved in the design, development, and deployment of new technologies and innovations, and are poised to have a significant impact on business and society. The report notes that US$ 1.25 trillion was spent on digital transformation globally last year, a figure projected to rise to US$ 1.97 trillion by 2022. The use of models to simulate cyber threats and assess their financial and societal impact will be a useful tool. CyberCube’s models are already used by a range of insurance businesses to analyse and stress test their portfolios of cyber insurance.
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