SCOR has developed a cyber risk management tool through an innovative partnership with CyberCube, a data analytics platform for the insurance industry.
Fully operational for 1 January renewals, SCOR has adapted its CAT platform to meet its cyber risk assessment needs and integrated the cyber risk model developed by CyberCube.
According to SCOR, the reinsurance industry must manage the risk of large cyber events potentially impacting multiple insured portfolios.
It explains that reinsurers are facing a multi-faceted and fast-evolving cyber threat that requires ever greater modelling and analytics capabilities.
By integrating CyberCube’s risk model alongside other natural catastrophe models within its CAT platform, SCOR further expands its catastrophe modelling capabilities.
Jean-Paul Conoscente, CEO of SCOR property and casualty, says: “In line with our quantum leap strategic plan, under which we are accelerating our use of new technologies, this partnership with CyberCube is a perfect example of how SCOR leverages data management and analysis capabilities to build its knowledge and deliver optimal service to clients.”
“This integrated cyber platform is a major development that will enable us to further deepen and broaden our management of this key risk in the future,” he adds.
Pascal Millaire, CEO of CyberCube, notes: “We are delighted to have deepened our relationship with SCOR by enabling the team to efficiently and seamlessly assess their cyber exposures and accumulation risks during the critical January 1 renewal season. CyberCube is pleased to be the third-party cyber model of choice for SCOR’s ecosystem.”
In December, the SCOR board of directors selected Benoît Ribadeau-Dumas to succeed Denis Kessler, the current CEO and chairman, as the next CEO.
