Commercial property and casualty insurance firm CNA has signed an agreement for use of CyberCube's cyber insurance analytics platform to supplement its ability to underwrite, price and model cyber risk.
Cyber risks present unique challenges to insurers due to increasingly complex cyber threats, the rapid pace of digitization, and limited historical data. As the global cyber insurance market continues to grow exponentially, CyberCube’s cyber risk-modeling platform will enhance CNA’s underwriting workflows, provide it with increased cyber aggregation capabilities, and develop a customized view of exposure.
CNA Underwriting for Errors & Omissions, Cyber & Media Liability Vice President Andrew Lea said: “Our customers face emerging cyber challenges daily. We are thrilled to leverage CyberCube’s expertise and risk-modeling capabilities, as they empower our underwriting and risk-modeling teams to better address these challenges.”
CyberCube CEO Pascal Millaire said: “CyberCube is excited to partner with CNA to help with underwriting analytics and portfolio management.
“Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s world-leading threat intelligence. We are pleased to support CNA, one of the nation’s leading insurance providers, in navigating one of the most complex risks facing their customers in the 21st century.”
CyberCube risk-modeling platform combines single risk underwriting and aggregation risk modeling to help insurers accurately measure the financial impact of emerging cyber risks. Cyber insurance is one of the fastest-growing insurance lines to emerge in decades, and is expected to reach $20bn in premium revenue by 2025.
Source: Company Press Release