CyberCube releases latest Portfolio Manager cyber cat model

By Michael Loney

July 14 - (The Insurer) - Cyber risk modeling and analytics company CyberCube has released the latest version of its Portfolio Manager catastrophe model.

CyberCube said that its advanced analytics are used by 75% of the top 40 U.S. and European cyber insurance carriers.

Portfolio Manager Version 6 reflects the evolution of the cyber insurance market from a primarily U.S.-focused market to a global one, CyberCube said, with modeling capabilities supporting international exposures.

The updated model also includes explicit factoring for geographic variation in cloud service provider outages, as well as differences in the origin and spread patterns of global ransomware and wiper malware attacks.

It also reflects the advancement of mitigation as a big consideration in modeling cyber catastrophe risk, recognizing the need to evaluate how protective measures can reduce the impact of large-scale events.

The release makes greater use of companies’ security scores and introduces several new risk modifiers that users may enter based on underwriting information aligned with NIST and CIS security control frameworks.

“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,” said Jon Laux, CyberCube’s vice president of analytics.

The cyber insurance market is also served by other modeling firms including Guidewire and Moody’s RMS.

CyberCube last week released a report that showed manufacturing, education, IT and retail are the sectors most vulnerable to cyberattacks by Scattered Spider.