Cyber MGA Elpha partners with CyberCube to expand in ILS space
Cyber managing general agent (MGA) Elpha Secure has partnered with CyberCube as it looks to attract capacity from providers operating within the insurance-linked securities (ILS) space.
The partnership will see Elpha Secure use two of CyberCube’s new generation of cyber risk analytics tools. The New York-based MGA has licensed CyberCube’s Portfolio Manager platform and its Single Point of Failure (SPoF) Intelligence module.
Launched in 2018, Elpha Secure is backed by a number of insurers to provide a comprehensive cyber solution combining cyber security and cyber insurance to small-to-medium sized enterprises in the US.
CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
The SPoF Intelligence module will provide Elpha Secure’s team with detailed information on its clients’ exposures to SPoFs and therefore the potential for disruption to supply chains.
Andrew Lukas, CyberCube’s senior client account manager, said: “We are excited to partner with Elpha Secure as they bring both cyber risk transfer and cyber protection technology solutions to their insured base. Portfolio Manager and SPoF give Elpha a holistic view of their concentrated exposures and loss potential.”
Preetam Dutta, Elpha Secure’s CEO, said: “The cyber insurance industry is facing systemic risks, which continue to grow every day as more users aggregate around possible attack vectors. We are excited to build on work in the ILS space through our partnership with Fermat Capital and CyberCube.”
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