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Undoubtedly, cybersecurity — and the management of risk — is top of mind for Most business leaders are today. 

Think about that. 75% of organizations experience at least one cyberattack — and the average cost of a data breach is $4.35 million. 

Experts agree that this is a good thing. cyber insurance It is even more crucial. 

“Cyber risk is a business risk, so cyber insurance is a must-have for organizations,” Write Forrester’s Heidi Shey, Alla Valente 

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These are just a few of the many reasons why you should consider these things. cyber risk Management is one of your greatest growth areas for The insurance sector, stated Pascal Millaire (CEO of cyber risk An analytics platform CyberCube

He said that he was sure of it. “a key to unlocking this potential is the development of robust analytics tools to assist risk decision-making.” 

It will also help improve its ability in this field. CyberCube Today, $50 million was announced as additional growth capital. This brings the total to over $100 million. 

Increased riskOpportunity in cyber insurance Market

It cyber insurance market size It is predicted that the market will grow from $12.8 Billion in 2022 to $63.6 Billion by 2029. The compound annual growth rate (CAGR), of 25.7%, would be achieved. Fortune Business Insights reports that the market experienced more than 22% growth between 2021 and 2020. 

This is not the only reason premiums have been increasing, but they are also rising significantly, according to The Association of Insurance Commissioners reports This cyber insurance Premiums paid by the biggest U.S. insurance The number of carriers increased by 12% in 2021 92% year-over-year. 

“Cyber risk presents the greatest opportunity property and casualty (P&C) insurers have had in over a century,” said Millaire. “In a world with billions of internet of things (IoT) devices, the explosion of data and automation of industries, cyber risk will reshape risk, the economy and society, and therefore the entire P&C insurance industry.”

Gleichzeitig, heißt CyberCube Ashwin Kashyap is the cofounder and chief products officer. “policyholders can improve their risk posture rather quickly and react to unfolding events by taking actions that can dramatically reduce the overall risk they present to an insurer.” 

According to Kashyap’s prediction, cyberhygiene is something that insurance companies will require. They may require firm-wide multifactor authentication (MFA), disabling remote desktop service, or controls that need multiple approval levels. 

Quantifying cyber risk

CyberCube It competes, among other things, with AIR Worldwide (secondsight), SecurityScorecard and BitSight, RedSeal, RedSeal as well, in this market. 

The company’s cloud-based platform helps insurance organizations quantify cyber risk Placement facilitation insuranceAssess individual commercial risk during underwriting and then manage cyber risk aggregation, said Millaire.

“We quantify cyber risk to create actionable insights for insurance companies,” He stated. “We turn cyber risk into dollars and cents, so that organizations can make value-based decisions on how to manage, mitigate or transfer risk.”

The technology’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure, he said. Brokers and insurers can use this information to help their clients better protect themselves and to assess the risk of cyberthreats in their portfolios.

The company’s SaaS products include: 

  • Manager, Broking for Better advice for clients by brokers risk transfer.
  • Portfolio Manager, a scenario-based disaster model that gives portfolio-level insight for senior leadership decision-making.
  • Manager of accounts, Giving insurance Underwriters have a different view of every customer risk They assess Get actionable insights.
  • CyberConnect integrates analytics via application programming interfaces (APIs) and can be integrated into existing workflows. 

Holistic cyber insurance Management

Today’s funding round brings the company’s total raised to more than $100 million. The funding round will help support the future development CyberCube’s cyber risk Accelerating global go-to-market growth through quantification products insuranceThe broking and reinsurance industry.

Funding came from investments funds that were managed by Morgan Stanley Tactical Value (Morgan Stanley), which continues to be supported by existing investors Forgepoint Capital (Bermuda), Hudson Structured Capital Management Ltd. (Bermuda), MTech Capital, as well as key investors from Stone Point Capital. Scott G. Stephenson was the former chairman, president, and CEO of Morgan Stanley. VeriskParticipated in the financing, and will be joining the CyberCube As a director, board 

Through 2022 CyberCube Millaire also said that the company has announced strategic alliances with Elpha Secure and Relm Insurance as well as Kapnick, Relay, Relay, Relay, EXL, Relm Insurance, Relm Insurance, Relm Insurance, Relm Insurance, Relm Insurance, Relm Insurance, Relay, Relay, Relay, Relay, Relay, Relay, EXL.

“The transfer of cyber risk to the insurance markets is fast becoming ubiquitous and vital for holistic risk management across sectors,” Don Dixon is cofounder and managing Director at Forgepoint Chairman of the CyberCube board. 

Michael MilletteHSCM Bermuda cofounder, managing partner CyberCube A board member has agreed to: “The quantification of cyber risk through robust modeling will allow industry participants to predict risk levels and provide useful pricing information.”

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