Tokio Marine in 'significant partnership' with cyber risk specialist
Japan-based global property and casualty (P&C) insurance group Tokio Marine has formed a "significant partnership" with cyber risk analytics specialist CyberCube.
The partnership will enable Tokio Marine to gain access to a suite of CyberCube’s products including account manager, portfolio manager and a range of other cyber modeling solutions.
Account manager is used primarily by cyber underwriters to assess individual risks. It combines data from a large number of sources and applies specialised, insurance-focused analytics to produce targeted information on an enterprise’s cyber risk profile.
Portfolio manager is used to analyze portfolios of cyber risk against a range of modeled cyber risk threats. It is a scenario-based data-driven model that enables enterprise risk managers in re/insurance organisations to analyse and communicate key messages on cyber exposures to both their senior leadership and their working teams.
Additionally, Tokio Marine will also has access to the company’s new add-on modules, including its Attritional Loss model, its Single Point of Failure (SPoF) Intelligence feature – used to assess the risk posed by the failure of large, interconnected services like Microsoft and Google – and its Concierge enhanced access consulting service.
Tokio Marine underwrites cyber insurance through its group companies globally, including TMNF in Japan, TMHCC in US, Europe and Asia, SNCC and PHLY in the US, and TMK in the Lloyd’s market in London.
Daljitt Barn, global head of cyber risk, and head of Tokio Marine Innovation Lab, said: “ Tokio Marine Group offers a comprehensive range of cyber insurance risk transfer and risk prevention solutions to businesses of all sizes and in all geographies. Analytics is of course a very important part of managing these risks. We look forward to working with CyberCube to enhance our overall risk management of the cyber line of business, as well as offer our underwriters with tools and analytics to help with risk selection."
He added: “This partnership between Tokio Marine and CyberCube will help move the cyber insurance industry as a whole forward highlighting the need to adopt a multi-model approach to cyber accumulation to enhance understanding and demonstrate maturity around the management of cyber risks.”
Pascal Millaire (pictured), chief executive officer of CyberCube, said: “This is a significant partnership for CyberCube. Tokio Marine has purchased broad access to CyberCube’s suite of carrier-based applications, complemented by new CyberCube services. By combining these offerings, Tokio Marine’s team will gain valuable insights into their cyber book and its vulnerabilities to an ever-increasing range of threats. We aspire to be the most comprehensive cyber analytics partner to insurers and this partnership highlights the unparalleled strength of our end-to-end products and services.”
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