Aon collaborates with CyberCube to advance insurers’ cyber risk aggregation management
Aon aims to leverage CyberCube’s advanced cyber aggregation risk modeling capabilities and build (re)insurance demand in the fast-evolving cyber risk landscape
SAN FRANCISCO, June 5 2019 – CyberCube, a leading provider of cyber risk analytics for the (re)insurance industry, today announced that Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has selected its cyber insurance analytics platform to deliver innovative cyber (re)insurance solutions to its insurance carrier clients and prospects.
An extreme cyber event has the potential to deeply impact individual corporations and thousands of organizations at once, and the accumulation of liabilities across multiple insured portfolios could result in substantial losses.
Insurance carriers are increasingly looking for guidance on risk transfer for the growing peril created by internet-connected technologies. CyberCube’s cyber risk-modeling platform enables Aon to guide its clients on accumulation risk management and exposure measurement. With an enhanced grasp on potential exposures, this in turn gives insurance carriers the confidence to price cover more accurately and offer more relevant products to their customers.
CyberCube is now integrated on Aon’s CyberMetrica platform for aggregation management which offers insurers a broad suite of internal and external tools and expertise as part of its multi-model approach. This reflects Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way, through innovative collaborations.
Catherine Mulligan, Global Head of Cyber for Aon’s Reinsurance Solutions business, said: “Technology is a critical part of an insurer’s armoury. Our collaboration with CyberCube enhances our multi-model approach, which enables insurers to more accurately quantify aggregation in their portfolio for more informed underwriting, while helping customers to understand their own cyber exposures and develop appropriate controls.”
Pascal Millaire, CEO of CyberCube: “CyberCube is delighted to support Aon in building the market for one of the largest opportunities – and threats – to the global P&C (re)insurance sector in our generation. Our industry-leading cyber risk-modeling platform is powered by best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support Aon and its insurance carrier clients in this important emerging risk.”
CyberCube delivers the world's leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multidisciplinary analytics, the company's Software as a Service platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube's enterprise intelligence layer provides insights on millions of companies globally and includes modeling on over one thousand single points of technology failure.
The CyberCube platform was established in 2015 within Symantec, the global leader in cybersecurity, and now operates as a standalone company exclusively focused on the insurance industry, with continued access to Symantec data and resources and backing from ForgePoint Capital. For more information, please visit www.cybcube.com or email firstname.lastname@example.org
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Notes to Editors
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. This move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.
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