MAPFRE RE and CyberCube: Forging a New Path in Cyber Insurance
MAPFRE RE is poised to significantly bolster its presence in the cyber insurance sector over the next three years, thanks to a strategic alliance with CyberCube. This global reinsurer has committed to a multi-year agreement to license CyberCube’s comprehensive suite of cyber risk analytics tools. The partnership is set to enhance MAPFRE RE’s capabilities in managing cyber accumulations while paving the way for expansion into emerging markets.
Understanding the Complex Landscape of Cyber Threats
The collaboration comes at a time when the demand for cyber insurance is surging, fueled by escalating digital threats and the growing financial repercussions of cyber incidents. Through the integration of CyberCube’s data-driven insights, MAPFRE RE aims to refine its underwriting strategies and effectively manage large-scale cyber exposures.
Oscar Taboada, the head of cyber at MAPFRE RE, emphasized the reinsurer’s dedication to leveraging advanced tools to address the ever-evolving nature of cyber risks. “CyberCube’s solutions will significantly enhance our capacity to manage cyber accumulations efficiently and enable us to expand our presence in diverse markets. We are enthusiastic about this long-term partnership and anticipate shared success,” stated Taboada.
CyberCube’s Role in the Partnership
For CyberCube, this agreement is in line with its mission to deliver cutting-edge risk modeling to leading insurers and reinsurers. Juan Marcano, CyberCube’s principal of alternative risk transfer, noted that the reinsurer selected CyberCube due to the company’s expertise in cyber risk analytics and its alignment with MAPFRE RE’s growth ambitions.
Having originated within Symantec in 2015, CyberCube now operates independently and serves over 100 insurance institutions worldwide, a testament to its prowess in the field.
