Elpha Secure, a cyber managing general agent (MGA) that claims it is “bringing a radical new approach to cyber insurance”, is to use two of CyberCube’s new generation of cyber risk analytics tools.
Launched in 2018, Elpha Secure is backed by a number of insurers to provide a comprehensive cyber solution combining cyber security and cyber insurance to small-to-medium-sized enterprises in the US.
The New York-based MGA has licensed CyberCube’s Portfolio Manager platform and its Single Point of Failure (SPoF) Intelligence module.
According to Elpha Secure, the products will conceptualize its risks as the business grows and create a compelling case to attract capacity from providers operating within the insurance-linked securities (ILS) space.
CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams.
The model stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
Andrew Lukas, CyberCube’s senior client account manager, said, “We are excited to partner with Elpha Secure as they bring both cyber risk transfer and cyber protection technology solutions to their insured base. Portfolio Manager and SPoF give Elpha a holistic view of their concentrated exposures and loss potential.”
Preetam Dutta, Elpha Secure’s CEO, added, “The cyber insurance industry is facing systemic risks, which continue to grow every day as more users aggregate around possible attack vectors. We are excited to build on work in the ILS space through our partnership with Fermat Capital and CyberCube.”
Earlier this year, Bishop Fox, a provider of a “forward defence” to cybersecurity, collected $46m in growth funding, adding to the $75m it raised earlier in the year.
Backed by a team of security experts, Bishop Fox believes it offers the most comprehensive, continuous protection in the industry and offers customers dramatic reductions in cost, time, and resources without sacrificing security.
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