’It will play an important role in helping our customers improve their security capabilities,’ says head of cyber

Aviva has teamed up with cyber insurance analytics provider CyberCube as part of plans to grow its cyber book.

In a statement today (18 April 2023), the insurer announced that it would roll out a suite of cyber solutions and services from the firm as part of a new deal between the two companies.

Stephen Ridley, head of cyber at Aviva, said the move was important to help customers improve their security capabilities.

He added: “Aviva’s ambition is to be a leading provider of cyber insurance to UK PLC.

“CyberCube’s offering will not only help us grow our cyber book in a sustainable and profitable manner, but it will also play an important role in helping our customers improve their security capabilities and mitigate risks before they become an issue.

“Further, CyberCube’s risk selection expertise will help us ensure that we have a strong grip on our potential exposure to systemic cyber risks.”

The products

As part of the deal, Aviva signed a multi-year contract licensing CyberCube products, including portfolio manager and account manager.

The portfolio manager is a scenario-based data-driven model, while the account manager is designed to help underwriters make “efficient, data-driven risk selection decisions,” according to a statement.

Aviva also purchased additional features, including CyberCube’s attritional loss model, single point of failure intelligence and portfolio manager APIs.

Roxy Ionescu, CyberCube sales manager, said: “With considerable growth plans over the coming years, Aviva has chosen CyberCube as its cyber analytics vendor of choice and we are thrilled to partner together throughout this journey.

“CyberCube looks forward to equipping Aviva’s underwriting team with our account manager solution, which will provide the insights needed to make efficient and profitable underwriting decisions while the portfolio manager will enable accumulation management support.”