CyberCube launches cyber disaster scenarios for Lloyd’s market

Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise.

The three scenarios – a cyber power outage, a widespread malware event and a cloud outage event – will allow Lloyd’s managing agents and syndicates to stress test their portfolios of risk against these cyber perils.

Syndicates and managing agents using CyberCube’s Portfolio Manager product will be able to run the scenarios and generate the necessary loss details for Lloyd’s. For cyber-specific RDS, CyberCube models can be used in the RDS data-gathering exercise.

John Anderson, CyberCube’s senior product manager, said: “This is the third year in succession CyberCube has worked with Lloyd’s syndicates to produce cyber scenario results. We’ve been heavily involved as a development partner to Lloyd’s and continue to ensure our Portfolio Manager product scenarios match and mirror the modelling and outputs needed for the RDS collection. The scenarios are ready and available for use today.”

Lloyd’s maintains a set of mandatory Realistic Disaster Scenarios to stress test both individual syndicates and the market as a whole.

By analysing how their portfolios of insurance risks are affected by these scenarios, the Lloyd’s market can assess each syndicate’s and the market’s financial resilience. The scenarios also expose the most up-to-date threat landscape and associated cyber threats that cause significant accumulations of losses. Some scenarios are compulsory for all syndicates; others must be reported if estimated losses exceed a set threshold.

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