Tokio Marine has become the latest globally leading insurance institution to partner with leading cyber risk analytics specialist CyberCube.
In a wide-ranging agreement, Tokio Marine has gained access to a suite of CyberCube’s products including Account Manager, Portfolio Manager and a range of other cyber modeling solutions. This constitutes CyberCube’s most comprehensive deal to date with an Asia-headquartered insurance institution.
The announcement comes a week after Tokio Marine Holdings confirmed that its subsidiary business, Tokio Marine Insurance Singapore, was subjected to a ransomware attack.
Tokio Marine Group operates a worldwide network, with cyber insurance being written via its Group Companies; TMNF in Japan, TMHCC in US, Europe and Asia, SNCC and PHLY in the US, and TMK in the Lloyd’s market in London.
Pascal Millaire, CEO for CyberCube, said: “This is a significant partnership for CyberCube. Tokio Marine has purchased broad access to CyberCube’s suite of carrier-based applications, complemented by new CyberCube services. By combining these offerings, Tokio Marine’s team will gain valuable insights into their cyber book and its vulnerabilities to an ever-increasing range of threats. We aspire to be the most comprehensive cyber analytics partner to insurers and this partnership highlights the unparalleled strength of our end-to-end products and services.”
Daljitt Barn, Global Head of Cyber Risk, and Head of Tokio Marine Innovation Lab, said: “Tokio Marine Group offers a comprehensive range of cyber insurance risk transfer and risk prevention solutions to businesses of all sizes and in all geographies. Analytics is of course a very important part of managing these risks. We look forward to working with CyberCube to enhance our overall risk management of the cyber line of business, as well as offer our underwriters with tools and analytics to help with risk selection. This partnership between Tokio Marine and CyberCube will help move the cyber insurance industry as a whole forward highlighting the need to adopt a multi-model approach to cyber accumulation to enhance understanding and demonstrate maturity around the management of cyber risks.”