CyberCube has launched the latest iteration of its catastrophe modelling tool, Portfolio Manager Version 6 (PMv6), aiming to provide enhanced insights for insurers in the cyber risk market.
The company, which supplies analytics to various US and European cyber insurers, has introduced new features in PMv6 to better accommodate the global expansion of cyber insurance.
The updated PMv6 model now addresses the global scope of cyber threats, reflecting the transition from a predominantly US-centric market. It incorporates factors such as geographic variation in cloud service provider outages and differing patterns in the origin and spread of global ransomware and wiper malware attacks.
Another key focus is on mitigation strategies, evaluating how protective measures can lessen the impact of large-scale cyber events.
CyberCube analytics vice president Jon Laux said: “This release marks an important step forward for our industry. We expect that over time, the new functionality introduced in this model will inform how (re)insurers understand the primary characteristics of cyber risk during underwriting and exposure management.”
To develop PMv6, CyberCube claims to have engaged extensively with both internal and external cyber experts to determine effective strategies for organisations to either prevent or recover smoothly from catastrophic events.
The version includes improved use of security scores and introduces new risk modifiers aligned with NIST and CIS security frameworks.
According to CyberCube, diversification remains a significant theme in this release. Although the US continues to dominate the cyber insurance market, CyberCube anticipates growth from Europe and Asia.
To support this expansion, enhancements have been made to its Enterprise Intelligence Layer (EIL), which now includes data collection covering countries such as Germany, France, Australia, Spain, Canada, the UK, and Japan.
The EIL updates alongside CyberCube’s enhancement of its Exposure Databases, provides (re)insurers with crucial information for managing global cyber exposure. These updates are designed to offer actionable intelligence on potential catastrophe exposures.
CyberCube co-founder and chief product officer Ashwin Kashyap said: “PMv6 represents a major step forward for cyber catastrophe modelling. We have made significant progress in addressing the drivers of diversification and risk mitigation for the benefit of the cyber insurance market.
“As the market leader in cyber insurance analytics, CyberCube is proud to be the industry’s partner as insurers look to expand thoughtfully into new geographies.”
