London, UK (Jan. 10, 2022) – 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 the most 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 now and live in Portfolio Manager.
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world. The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need. The Future at Lloyd’s sets out our strategy to build the most advanced insurance marketplace in the world. For more information, visit www.lloyds.com.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital and HSCM Bermuda. For more information, please visit www.cybcube.com.
SOURCE: CyberCubeTags: cyber attacks, cyber risk, CyberCube, Lloyd's