In a dynamic and cyclical cyber insurance market, it’s critical that underwriters are equipped with the right information to make informed cyber underwriting decisions. Using the right cyber risk modeling tool can help you evaluate accounts effectively and improve risk selection.
CyberCube’s single risk underwriting solution, Account Manager, provides the analytics you need to help make data-driven risk selection and pricing decisions. With the right data, signals, and actionable insights, you can differentiate cyber risk with speed and efficiency.
This article will outline what you need to know about Account Manager and how you can utilize its advanced functions to your advantage, helping you underwrite with confidence.
Data is undoubtedly one of the most powerful tools that cyber underwriters should have. Account Manager can provide the right information to help you better understand risk and make assertive underwriting decisions.
Account Manager pulls from an expansive data lake encompassing five layers of essential data:
CyberCube leverages a vast curated ecosystem of data partners. Pulling from various unique sources — including proprietary CyberCube collected data, data from strategic partners, and feedback loops. But we don’t just provide our clients with raw data — we take the time to refine and process the information internally to ensure the highest quality data. The rigor that we apply to our data results in the unique, actionable, and trusted information you’ll want to equip your team with.
Cyber underwriters require technical data and analytics, which can be tough to digest. Account Manager solves this by not only providing you with critical information, but also by contextualizing that data into actionable insights.
Regardless of whether you’re a generalist, technical or non-technical underwriter, Account Manager’s actionable insights feature will help you articulate the complicated aspects of an account’s cybersecurity profile. The tool will then provide recommendations you can use to inform your underwriting decision making and help justify your choices to stakeholders.
Using the right cyber modeling solution, like Account Manager, is critical to ensure that you have the analytics you need to make good judgment calls when underwriting cyber risk.
Too much information makes it challenging to find useful risk signals amid the noise, but CyberCube’s curated insights deliver predictive, differentiated, and transparent signals and scores to improve underwriting and get a complete picture of an organization’s risk.
If you'd like to learn more about CyberCube’s latest arsenal of predictive cyber risk analytics, you can find the full report for free here — Enhancing Risk Differentiation.
Building upon our 2022 report “Generating Lift With Critical Risk Factors”, this report presents CyberCube’s latest research in our ongoing efforts to deliver actionable insights to the (re)insurance industry. These findings culminate a two-year effort to enhance our risk selection and pricing through advanced data analytics and rigorous machine learning — leading to a significant upgrade in risk differentiation capabilities through correlating our signals and scores with incident and claims activity for insurers.
When assessing cyber risk, it's important that the signals and scores used are tailored for insurance, not repurposed from other use cases, as this alignment directly influences the accuracy and relevance of risk evaluation.
Benchmarking a submission’s risk factors against relevant peer groups can help you with risk selection. CyberCube’s solution provides relevant signals organized by the National Institute of Standards and Technology (NIST) framework, along with other frameworks (e.g. ISO), and can be filtered by threat types, observability, impact, and risk level.
Some of the signals include:
Account Manager differs from other modeling tools by providing a meaningful comparison and context to better understand an account’s performance and how future cyber incidents may affect it. The tool grounds signals with real life examples and provides both an attacker’s and defender’s perspective on why a signal is relevant, allowing you to hone in on the viewpoints you need to make informed risk decisions.
With an increasingly complex cyber threat landscape, having a solution like Account Manager in your cyber risk management toolbox can help you quantify risk and estimate losses from future attacks.
Quantifying the loss potential of an event can help underwriters with risk selection, making it easier to set coverage, limits, and premiums, and even justify pricing. Understanding the ramifications of different event types also helps provide some understanding of how coverage types manifest in a loss and how much specific events may cost should they occur.
Account Manager’s Financial Loss Model is a tool specifically designed for underwriters to assess insurance account risk. The feature is abundant with various loss calculations — from summary views of overall cyber loss potential to more granular cost and event-type calculations for both targeted attacks and aggregation events. It can help you answer questions such as:
With Marginal Risk, underwriters can also evaluate how diversified an account is with respect to their portfolio, what impact this will have on the tail of losses, and appropriate cat loads to add for accounts.
Gaining these insights can demonstrate how small to large CAT events can impact an individual account, ensuring you can quantify risk and make confident underwriting decisions.
At CyberCube, we understand that underwriters need quick and easy access to the right information. That’s why Account Manager prioritizes speed and efficiency.
Our product is rich with data and analytics — in fact, more data and analytics than an underwriter would know what to do with, which is why we are so thorough when processing it internally, and strategic in how we are presenting it in our product. We ensure you are able to expeditiously access the insights you need, streamlining your workflow.
What’s more, our solution’s simple, intuitive interface provides a clear and easy-to-understand view, presenting the data in a way that’s easy to navigate. This means you get the critical high level information you need quickly and succinctly.
With the cyber threat landscape constantly evolving, it’s never been more difficult to keep up with trends. It's essential to have the right cyber risk modeling solution specifically designed for the insurance industry at your disposal. You want to ensure that you’re assessing risks with the right data and making confident risk decisions that are profitable in the long term.
Because Account Manager has been developed from the ground up for underwriters, it does the heavy lifting to help curate the data you need to make the best risk choices, all in an easy-to-use platform that smooths your workflow. You can even integrate it into your current systems using CyberConnect APIs, which helps minimize adoption time and speed up your processes.
If you’d like to learn more about Account Manager and how it powers informed underwriting decisions, contact us today, or check out more information on our website — Account Manager.