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SCOR develops a cyber risk management tool through an innovative partnership with CyberCube
Press Release
January 14, 2021 - N° 01
SCOR develops a cyber risk management tool through
an innovative partnership with CyberCube
The reinsurance industry must manage the risk of large cyber events potentially impacting multiple insured portfolios. Reinsurers are facing a multi-faceted and fast-evolving cyber threat that requires ever greater modeling and analytics capabilities.
SCOR has leveraged its leading edge internally developed CAT Platform designed to manage natural catastrophe risk accumulations and adapted it to meet its cyber risk assessment needs. The Group has integrated the cyber risk model developed by CyberCube - a leading data analytics platform for the insurance industry with which it has partnered - using the flexibility of SCOR’s Cat Platform and CyberCube’s Model Integration Application Programming Interface (APIs).
By integrating CyberCube’s risk model alongside other natural catastrophe models within its CAT Platform, SCOR has further expanded its catastrophe modeling capabilities.
Fully operational for the January 1 renewals, this new architecture significantly boosts SCOR’s cyber exposure management capabilities and improves its operational efficiency, to the benefit of its clients throughout the world.
Jean-Paul Conoscente, CEO of SCOR P&C, commented: “In line with our Quantum Leap strategic plan, under which we are accelerating our use of new technologies, this partnership with CyberCube is a perfect example of how SCOR leverages data management and analysis capabilities to build its knowledge and deliver optimal service to clients. This integrated Cyber platform is a major development that will enable us to further deepen and broaden our management of this key risk in the future.”
Pascal Millaire, CEO of CyberCube, commented: “We are delighted to have deepened our relationship with SCOR by enabling the team to efficiently and seamlessly assess their cyber exposures and accumulation risks during the critical January 1 renewal season. CyberCube is pleased to be the third-party cyber model of choice for SCOR’s ecosystem.”
About CyberCube
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modelling on thousands of points of technology failure. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital.
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Contact details
Media
Jérôme Guilbert
+33 (0)1 58 44 79 19
jguilbert@scor.com
Investor Relations
Olivier Armengaud
+33 (0)1 58 44 86 12
oarmengaud@scor.com
LinkedIn: SCOR | Twitter: @SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Please refer to the 2019 Universal Registration Document filed on March 13, 2020, under number D.20-0127 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com (the “Document d’enregistrement universel”), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.
The Group’s financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.
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