CyberCube, the industry pioneer in cyber risk analytics has raised an additional $50 million in growth capital from investment funds overseen by Morgan Stanley Tactical Value (Morgan Stanley) with continued support from all previous investors, MTech Capital, Forgepoint Capital, Hudson Structured Capital Management (Bermuda), and significant investors from Stone Point Capital. The former chairman, president, and CEO of Verisk Scott G. Stephenson took part in the fundraising as well and will serve as a director on the CyberCube board. With this most recent round of funding, CyberCube has now raised more than $100 million in total.
The analytics platform from CyberCube offers a unique ecosystem of data, signals, and models to support cyber risk assessment. A cutting-edge cloud-based technological platform powers CyberCube’s insurance and reinsurance placement, underwriting choices, and portfolio management optimization capabilities. This SaaS technology company, which was born out of the world’s largest cybersecurity firm, Symantec, has strong financial backing and management from cybersecurity and insurance technology specialist investors and is set to develop the top platform for accelerating the growth of profitable cyber insurance.
CyberCube enables insurers to make insight-driven risk decisions, spot patterns before they develop into claims, and take on challenging tasks. Its exclusive data, multidisciplinary analytics, and cloud-based technologies combines to make it easier to place insurance choose an underwriter, and optimize portfolio management. By choosing the best data sources and curating them into data sets, CyberCube’s expertise in threat intelligence, data science, security, software engineering, actuarial science, and insurance supports the global insurance industry by identifying reliable early indicators of risks and developing a forward-looking view of them.
To help insurers and brokers understand how vulnerable their clientele’s portfolios are to cyber threats and to help their clients better protect themselves, CyberCube models cyber risk.
The technologies from CyberCube also assist underwriters in assessing specific commercial risks as they go through the underwriting process. The additional capital will speed up the expansion of go-to-market strategies in the global insurance, reinsurance, and broking industries while fostering the commercial development of CyberCube’s products and solutions to assess cyber risk.
CEO of CyberCube Pascal Millaire said, “This is an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions.”
CyberCube offers a variety of software-as-a-service products and routinely upgrades them, including:
1. Brokering Manager, to help brokers provide better risk transfer advice to their clients.
2. Portfolio Manager is a scenario-based catastrophe model that supplies senior leadership decision-making with portfolio-level data.
3. Account Manager provides insurance underwriters with a clear picture of each risk they evaluate along with useful insights.
4. CyberConnect uses Application Programming Interfaces (APIs) to integrate analytics into existing workflows.
Morgan Stanley Tactical Value received commercial due diligence services from Oliver Wyman, and Latham & Watkins served as legal advice for the company during the transaction.
Pedro Teixeira, Co-Head of Morgan Stanley Tactical Value and Managing Director at Morgan Stanley, commented, “CyberCube is a business that’s drawn great interest from the investment community. Its role in the insurance markets and the wider economy has been recognized as pivotal by industry participants. It presents both a strong investment opportunity and the ability for Morgan Stanley to play a positive role in the ongoing mitigation of global cyber threats.”
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