CyberCube
Analytics, an innovator in cyber risk analytics for the insurance industry,
today announced that it has emerged from stealth mode, backed by investment
from Silicon Valley based investor Trident Capital Cybersecurity and by
technology developed by Symantec Corporation. The CyberCube team brings
together experts in insurance, risk modeling and cyber security to provide the
industry's first risk modeling platform that provides an inside-out view of
risk exposure to cyber insurers, reinsurers and reinsurance brokers.
"Cyber insurance is one of the fastest growing insurance lines to
emerge in decades, expected to reach $20 billion in premium revenue by 2025,"
said J. Alberto Yépez, co-founder and managing director at Trident Capital
Cybersecurity. "But the market is constrained by the lack of robust analytics
to price cyber risk or understand systemic risk. We are creating the industry
standard platform to address these challenges for cyber insurers."
CyberCube also announced today the general availability of its
risk-modeling platform, which processes terabytes of unique data sets and
applies multidisciplinary analytic methods. As part of the company's launch,
Symantec has contributed technology assets, developed in collaboration with
leading insurance underwriters, in return for an equity stake. In addition,
Symantec will provide an exclusive, proprietary telemetry data license to
augment CyberCube's risk models. The investment will be managed under the
Symantec Ventures portfolio.
"Symantec Ventures was created to be a catalyst for critical
breakthroughs and innovation in the cyber security industry," said Symantec
CEO, Greg Clark. "We are excited about CyberCube's ability to address the needs
of the cyber insurance market and believe that they are well positioned to realize
the full potential of this large opportunity. We partnered with Trident Capital
Cybersecurity to launch CyberCube because of their proven success in growing
cyber security companies."
"Cyber is one of the most important risks facing society in the 21st century and therefore it is
one of the most important risks facing the insurance industry," said Pascal
Millaire, CEO of CyberCube. "With the backing of Trident Capital Cybersecurity
and Symantec Ventures, CyberCube is uniquely positioned to help insurers
underwrite and model cyber risk in a way that no one else can."