Tokio Marine has partnered with cyber risk analytics specialist CyberCube in what it described as its most comprehensive deal to date with an Asia-headquartered insurance institution.
In a wide-ranging agreement, Tokio Marine has gained access to a suite of CyberCube’s products and a range of other cyber modelling solutions.
Tokio Marine Group operates a worldwide network, with cyber insurance being written via its group companies, including TMHCC 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”
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.”