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.”