shutterstock_777267028_natali-_-mis
shutterstock/Natali _ Mis
10 January 2022Insurance

CyberCube unveils new cyber scenarios for Lloyd’s market

Cyber analytics specialist  CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise.

The three scenarios – a cyber power outage, a widespread malware event and a cloud outage event – will allow Lloyd’s managing agents and syndicates to stress test their portfolios of risk against these cyber perils.

Syndicates and managing agents using CyberCube’s Portfolio Manager product will be able to run the scenarios and generate the necessary loss details for Lloyd’s. For cyber-specific RDS, CyberCube models can be used in the RDS data-gathering exercise.

John Anderson, CyberCube’s senior product manager, said: “This is the third year in succession CyberCube has worked with Lloyd’s syndicates to produce cyber scenario results. We’ve been heavily involved as a development partner to Lloyd’s and continue to ensure our Portfolio Manager product scenarios match and mirror the modeling and outputs needed for the RDS collection. The scenarios are ready and available for use today.”

Lloyd’s maintains a set of mandatory Realistic Disaster Scenarios to stress test both individual syndicates and the market as a whole. By analysing how their portfolios of insurance risks are affected by these scenarios, the Lloyd’s market can assess each syndicate’s and the market’s financial resilience.

The scenarios also expose an up-to-date threat landscape and associated cyber threats that cause significant accumulations of losses. Some scenarios are compulsory for all syndicates; others must be reported if estimated losses exceed a set threshold.

The associated CyberCube scenarios are available in Portfolio Manager.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
17 March 2022   As the war in Eastern Europe rages, a top cybersecurity expert outlines the threats, potential losses, and even cyber disasters, that are keeping insurance professionals awake at night.
Insurance
4 March 2022   War in Ukraine has triggered a fundamental shift in the cyber threat landscape, finds CyberCube.
Insurance
25 April 2022   The partnership will add Portfolio Manager and cyber cat modeling to its offering.