CyberCube has updated its analytic software to enable insurers to quantify losses to scenarios that Lloyd’s of London has issued to syndicates for the upcoming March data collection deadline. These scenarios are used to report to Lloyd’s on how syndicates’ portfolios would be affected by major cyber events.
CyberCube has introduced three scenarios for realistic cyber disasters as part of its Portfolio Manager product, the company said. The scenarios, designed in conjunction with Lloyd’s underwriting team, Lloyd’s market practitioners and Guy Carpenter, are:
- A cloud outage
- A power or infrastructure outage
- A major malware attack
The Lloyd’s Market Association’s Cyber Risk Strategy Group was also heavily involved in the development of the scenarios, CyberCube said.
Read more: CyberCube launches cyber analytics tool for broker market
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