Elpha Secure, the cyber managing general agent (MGA) bringing a radical new approach to cyber insurance, is to use two of CyberCube’s new generation of cyber risk analytics tools.
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“The cyber insurance industry is facing systemic risks, which continue to grow every day as more users aggregate around possible attack vectors. We are excited to build on work in the ILS space through our partnership with Fermat Capital and CyberCube.”
The New York-based MGA has licensed CyberCube’s Portfolio Manager platform and its Single Point of Failure (SPoF) Intelligence module. The products will conceptualize Elpha Secure’s risks as the business grows and create a compelling case to attract capacity from providers operating within the insurance-linked securities (ILS) space.
Launched in 2018, Elpha Secure is backed by a number of insurers to provide a comprehensive cyber solution combining cyber security and cyber insurance to small-to-medium sized enterprises in the US.
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CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
The SPoF Intelligence module will provide Elpha Secure’s team with detailed information on their clients’ exposures to SPoFs and therefore the potential for disruption to supply chains. A SPoF is a provider which may disrupt large swaths of companies that rely on them for their business operations if they experience an outage. As the world becomes more highly interconnected and cyber risk is a growing problem, CyberCube has modeled hundreds of SPoFs and also enables analysis of over 20,000 unmodeled SPoF risks.
Andrew Lukas, CyberCube’s Senior Client Account Manager, said: “We are excited to partner with Elpha Secure as they bring both cyber risk transfer and cyber protection technology solutions to their insured base. Portfolio Manager and SPoF give Elpha a holistic view of their concentrated exposures and loss potential.”
Preetam Dutta, Elpha Secure’s CEO, said: “The cyber insurance industry is facing systemic risks, which continue to grow every day as more users aggregate around possible attack vectors. We are excited to build on work in the ILS space through our partnership with Fermat Capital and CyberCube.”
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