CyberCube, a provider of cyber risk analytics, has announced the launch of Portfolio Manager Version 6 (PMv6), the latest version of its catastrophe modelling platform.

This new version has been designed to reflect the cyber insurance market’s evolution into a global entity, incorporating advance modelling for international exposures and explicitly factoring in geographic variants for cloud outages and malware attacks.

PMv6 also places stronger emphasis on mitigation, recognising the need to evaluate how protective measures can reduce the impact of large-scale cyber events.

For this release, CyberCube researched internal and external cyber experts to help organisations prepare for and recover from catastrophic events.

v6 also makes greater use of companies’ security scores and introduces several new risk modifiers that users may enter based on underwriting information aligned with NIST and CIS security control frameworks, CyberCube explains.

Jon Laux, CyberCube’s VP of Analytics, said: “This release marks an important step forward for our industry. We expect that over time, the new functionality introduced in this model will inform how (re)insurers understand the primary characteristics of cyber risk during underwriting and exposure management.”

Diversification is also a key theme of the v6 release. While the current cyber insurance market is US-concentrated, CyberCube anticipates future growth in new geographies, like Europe and Asia.

As a result, CyberCube has enhanced and expanded PMv6’s Enterprise Intelligence Layer (EIL) to include more international company data.

“Changes to the EIL reflect the development of the cyber market internationally, with strong growth in data collection focused on countries such as Germany, France, Australia, Spain, Canada, the UK, and Japan​. Building on these enhancements to the EIL, PMv6 also captures the geographic variation possible among cloud service provider outages as well as variation in the epicentres and spread patterns of global ransomware and wiper malware attacks,” the company states.

CyberCube positions PMv6 as a significant advancement in cyber catastrophe modelling, helping re/insurers with actionable intelligence to understand and manage cyber risk more effectively.

Ashwin Kashyap, CyberCube’s Co-founder and Chief Product Officer, added: “PMv6 represents a major step forward for cyber catastrophe modelling. We have made significant progress in addressing the drivers of diversification and risk mitigation for the benefit of the cyber insurance market.

“As the market leader in cyber insurance analytics, CyberCube is proud to be the industry’s partner as insurers look to expand thoughtfully into new geographies.”

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