MAPFRE RE Enhances Cyber Insurance Capabilities with CyberCube Collaboration
In a strategic move to fortify its presence in the cyber insurance sector, MAPFRE RE has embarked on a three-year plan through a significant partnership with CyberCube. This global reinsurer has entered into a comprehensive multi-year agreement to utilize CyberCube’s advanced suite of cyber risk analytics tools. The primary goal is to elevate its proficiency in managing cyber risk accumulations while simultaneously exploring new market opportunities.
Growing Cyber Insurance Demand
The collaboration comes at a crucial time as the demand for cyber insurance is on the rise, spurred by the surge in digital threats and the escalating financial implications of cyber incidents. By leveraging CyberCube’s innovative data-driven insights, MAPFRE RE intends to enhance its underwriting strategies and more effectively handle extensive cyber exposures.
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Advanced Tools for Evolving Risks
Oscar Taboada, the head of cyber at MAPFRE RE, emphasized the company’s dedication to integrating cutting-edge tools to tackle the evolving landscape of cyber risks. “CyberCube’s solutions will significantly bolster our capability to manage cyber accumulations efficiently and extend our reach into different markets. We are thrilled about this long-term partnership and anticipate shared success,” Taboada stated.
CyberCube’s Proven Expertise
For CyberCube, this agreement is aligned with its mission to offer sophisticated risk modeling solutions to leading insurers and reinsurers. Juan Marcano, CyberCube’s principal of alternative risk transfer, highlighted that MAPFRE RE selected CyberCube due to its specialized expertise in cyber risk analytics and the alignment with MAPFRE RE’s growth ambitions.
Founded within Symantec in 2015, CyberCube now operates as an independent entity, providing its services to over 100 insurance institutions globally.
