According to recent analysts’ forecasts, the IT security insurance market is booming. Obviously that is what follows from the fact that cybercrime is, unfortunately, in great growth, all companies, large and small, are exposed and can no longer turn a blind eye. A survey by EY among the CEOs of 200 large companies shows them to regard cyber security as the first threat to the global economy in the next 5-10 years.
This framework involves the insurance industry, which is the primary point of reference for the coverage of damages resulting from a cyber attack, but also for prevention itself. Insurance can be a guide to the good practices for IT security that companies should implement today. But insurance companies need new tools for risk assessment, a difficult task in the case of events such as a cyber attack.
Aware of these problems and the growth of the cyber risk policy market, CyberCube, a spin-off of Symantec, has focused on the development of a SaaS analytics service specifically dedicated to insurance, which helps insurers propose policies to ‘cover’ cyber crime and at the same time allows them to make more informed decisions thanks to aggregated risk data mapping tools.
The San Francisco-based company was recognized as a ‘technology Pioneer’ by the WEF last July, and recently received a very large investment, 35 million dollars, from eminent venture capital firms: HSCM Bermuda and ForgePoint Capital.
“The cyber risk industry represents one of the greatest market opportunities in the history of property and casualty insurance. The mission of CyberCube is to provide the world’s most advanced cyber risk analysis tools to enable insurance institutions to take advantage of this opportunity relying on data,” said Pascal Millaire, CEO of CyberCube.
CyberCube, legally established in 2018, will use the capital to both continuously improve its software and expand the breadth of its go-to-market efforts beyond the world’s leading insurance institutions to regional and national ones.
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