Cyber risk modelling and data analytics will help to build a better understanding of cyber exposures across the insurance and reinsurance industry, which in time will bridge the gap to the ILS investor base on cyber risk, according to CyberCube’s Brittany Baker.
In the next in our series of sponsor showcase video interviews for the upcoming Artemis ILS NYC 2022 conference (held April 22nd in New York City), we welcomed Brittany Baker, Director of Technical Sales at CyberCube, one of our Gold sponsors for the conference.
CyberCube is a specialist in cyber risk modelling and with this being an area of insurance and reinsurance that has often been described as capacity deprived, for numerous reasons, CyberCube has ambitions to help unlock ILS capacity to support cyber risk underwriting using its advanced technology and risk models.
“I think the industry as a whole is trying to better understand cyber risk exposures and how to clearly tie that to risk management practices.
“The group’s that I see being successful, now and in the future, are those that are able to communicate a real grasp of how cyber security signals are used in underwriting practices and then how portfolio level exposures are proactively managed and fed back through that cycle.
“I think doing that will make those groups more attractive to capacity providers,” Baker said.
Baker explained that education and transparency alongside advanced risk modelling capabilities remain key, in encouraging new capital sources such as insurance-linked securities (ILS) investors into the cyber insurance and reinsurance market.
She explained, “As with any point in the value-chain here, there’s still a need for both education and transparency. Not everyone is a cyber security expert, so for the generalist and that could be on the ILS side or the more traditional insurance side, it might feel a bit overwhelming to understand what these exposures are and how anyone could ever begin to model it.
“As insurance groups are able to better understand them a more clear narrative will emerge and it will be easier to demonstrate, even to those who are not cyber security experts. I think that will allow us to bridge the gap between the ILS investor base and the insurance industry.
“I think the ILS investor base will be able to better understand how and where this risk fits into their own strategy and risk-tolerance and right now it just feels like there are too many unknowns for them.”
Hear more on how re/insurers are embracing insurance-linked securities at the upcoming Artemis ILS NYC 2022 conference in New York on April 22nd (get your ticket today).
For details and to register for the conference, visit the event website: www.artemis.bm/ils-nyc-2022/.
The full video interview is embedded below and can also be viewed in full, along with previous Artemis Live video interviews here.
You can also listen in audio to our interviews by subscribing to the Artemis Live podcast here.
View all of our kind sponsors of the ILS NYC 2022 conference below:
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