Lockton Re has expanded its partnership with cyber risk analytics firm CyberCube to licence CyberCube’s industry exposure databases.
Launched in October 2022, CyberCube’s databases enable (re)insurers and brokers to perform benchmarking, sensitivity and real-time analysis for cyber risks.
The mandate will provide Lockton Re with a foundation for cyber risk models and include CyberCube’s economic exposure and industry exposure databases (IEDs).
CyberCube says the databases are designed to work with its cyber portfolio modelling solution Portfolio Manager, which Lockton Re already licences.
The Portfolio Manager allows reinsurers to stress test portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages and global ransomware attacks.
Using a combination of the two, clients can run analysis and develop industry loss estimates.
Commenting on the licencing agreement, Simon Shreeve, principal client account manager at CyberCube, says: "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.”
