CyberCube, the enabler of cyber risk analytics for the insurance industry, marked the end of a positive year of strong growth, “surpassing 100 insurance organizations licensing CyberCube solutions.”
As the cyber insurance market grows in size and sophistication, analyzing, assessing, and quantifying the impact of cyber events is “becoming central to the global insurance industry.”
Today, CyberCube’s analytics are used “by 75% of the top 40 US and European cyber insurance carriers (by gross written premiums) to drive decision-making, manage risk, and build cyber resilience.”
CyberCube partnered with over 100 clients “across the entire insurance value chain.”
Alongside previously announced clients “such as Chubb, Beazley, Munich Re, Gallagher Re, Aon, Guy Carpenter, Howden and Lockton, CyberCube publicly announced broader relationships in 2023 with Aviva, Ariel Re and Fermat Capital Management.”
CyberCube’s analytics are now “used by 11 of the top 20 global insurance brokers, and 17 of the top 20 US cyber insurers by premium. Among the top 20 European cyber insurance carriers, 13 use CyberCube products.”
Continued product development resulted “in high double-digit ARR growth across CyberCube’s suite of advanced cyber risk analytics and quantification products, making it the pre-eminent provider of cyber risk analytics.”
In 2023, CyberCube has launched Version 5.0 of Portfolio Manager, “a scenario-based catastrophe model that empowers portfolio-level insights for senior leadership decision-making.”
Account Manager, which gives insurance “underwriters a unique view of each risk they assess, with actionable insights, saw ARR double as it invested in distinctive marginal risk analysis and improved signal and score efficacy. Broking Manager, which enables intermediaries to advise their clients better on risk transfer, saw the release of Prep Module Version 1.0. Single Point of Failure (SPoF) Intelligence (a tool that empowers (re)insurers to understand and manage technology dependencies within organizations and across portfolios), demonstrated 80% year-on-year ARR growth.”
CyberConnect, an API offering, more than “doubled its revenue, with increasing numbers of clients opting to integrate CyberCube’s data into their workflows for fully automated analytics for the long-term. CyberCube announced strategic partnerships with digital platforms Cytora and Millennial Shift Technologies Inc. to automate the delivery of cyber insurance analytics and provide a more streamlined and informed understanding of cyber risk.”
These relationships add to existing partnerships “with Duck Creek Technologies, EXL, and CyberAcuView.”
The market recognized CyberCube with numerous industry awards “for product innovation, company reputation, employee satisfaction, and overall growth.”
In addition to winning accolades “including the Inside P&C Awards, Axco Global Insurance Awards, and four InsuranceERM awards, workplace initiatives were acknowledged by Forbes recognizing CyberCube as one of America’s Best Startup Employers 2023 – ranked #11 after evaluating 2,600 businesses.”
Insurance Business UK also “recognized CyberCube for having a 5-Star DE&I program. CB Insights listed CyberCube on ‘Insurtech 50: The most promising insurtech startups of 2023” and InsurTech Magazine featured CyberCube as one of the “Top 10 cyber insurance startups and insurtechs’.”
CyberCube informed the broader insurance community “of emergent risks, potential coverage issues and trends impacting the industry, including nation-state activity and the economy’s resilience to cyber events.”
In addition to issuing briefings in response to events such as the VMware ransomware campaign and MOVEit attacks, CyberCube partnered closely “with the International Underwriting Association, the Geneva Association, and the International Association of Insurance Supervisors to produce critical guidance on key issues facing the (re)insurance market. Issues covered included supply chain risk, emerging threat actor capabilities, and modeling systemic risk at a societal level to support the public sector in managing catastrophic cyber risk.”
CyberCube also claims that it took a leadership role in “building societal resilience to systemic risk, providing key cyber risk quantification and modeling as the public sector continues to collaborate with the cyber insurance market.”
In November, CEO Pascal Millaire facilitated “a session at the Catastrophic Cyber Risk and a Potential Federal Insurance Response Conference, hosted by NYU Stern’s Volatility & Risk Institute and the US Department of the Treasury’s Federal Insurance Office.”