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SAN FRANCISCO–(BUSINESS WIRE)–
CyberCube has updated its data-driven analytic software to seamlessly enable insurers to quantify losses to scenarios that Lloyd’s has issued to syndicates for the upcoming March data collection deadline.
These scenarios are used to report to Lloyd’s on how their portfolio of business would be affected by major cyber events.
CyberCube has introduced the three scenarios for realistic cyber disasters as part of its Portfolio Manager product, which is used by risk carriers.
The three scenarios, which CyberCube 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 has also been heavily involved in developing the scenarios over the past 15 months.
By analysing how their portfolios of insurance risks are affected by these scenarios, the Lloyd’s market can assess each syndicate’s financial resilience and that of the market as a…
