CyberCube (San Francisco) , a provider of cyber risk analytics, has announced $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value (Morgan Stanley, New York), with continued participation from all existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from Stone Point Capital. Scott G. Stephenson, former Chairman, President and CEO of Verisk, also participated in the financing and will join the CyberCube board as a director. This latest financing brings CyberCube’s total capital raised to over $100 million.
CyberCube describes its models cyber risk as allowing insurers and brokers to understand their portfolios’ exposure to cyber threats while enabling their clients to better protect themselves. CyberCube says its products also aid underwriters in their evaluation of individual commercial risks during the underwriting process. The company says its new funding will fuel the commercial development of CyberCube’s cutting-edge products and solutions to quantify cyber risk while accelerating go-to-market expansion in the global insurance, reinsurance and broking industry.
“This is an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions,” comments Pascal Millaire, CEO, CyberCube. “In Morgan Stanley, we’ve found a tremendously supportive partner who recognizes the growing significance of cyber risk to the global economy and stands ready to support CyberCube as our business matures from an early market leader to a critical part of the analytics infrastructure in what is becoming one of the largest lines of P&C insurance globally.”
“CyberCube is a business that’s drawn great interest from the investment community,” observes Pedro Teixeira, Co-Head of Morgan Stanley Tactical Value and Managing Director, Morgan Stanley. “Its role in the insurance markets and the wider economy has been recognized as pivotal by industry participants. It presents both a strong investment opportunity and the ability for Morgan Stanley to play a positive role in the ongoing mitigation of global cyber threats.”
CyberCube has built a market-leading position in a pivotal role in the cyber insurance value chain, according to Michael Millette, Co-Founder and Managing Partner, HSCM Bermuda, and CyberCube board member. “The quantification of cyber risk through robust modeling will allow industry participants to predict risk levels and provide useful pricing information,” Millette says. “We are delighted to continue our support of CyberCube in its mission to deliver data-driven cyber risk analytics built for the insurance industry.”
During 2022, CyberCube announced strategic partnerships with Relm Insurance, Elpha Secure, Kapnick, Relay, EXL, AkinovA, Baldwin Risk Partners, McGill and Partners, CyberAcuView, QBE, Kroll, URS, Cooper Gay, RT ProExec, Duck Creek Technologies, Majesco, Fermat Capital Management, TrueNorth, and Converge Insurance, which is also a Forgepoint company.
“The transfer of cyber risk to the insurance markets is fast becoming ubiquitous and vital for holistic risk management across sectors,” comments Don Dixon, co-Founder and Managing Director, Forgepoint and Chairman of the board, CyberCube. “Forgepoint is taking a leadership position in supporting collaboration between the insurance and cyber security industries. Our continued support of CyberCube is a key part of that strategy and we are thrilled for the company’s next chapter of growth.”
“Cyber risk management is one of the biggest threats facing businesses today and one of the greatest growth opportunities for the insurance sector,” comments Scott Stephenson. “A key to unlocking this potential is the development of robust analytics tools to assist risk decision-making. I’m excited to support CyberCube given the tremendous opportunity the company has to drive value for businesses, insurance institutions, and for society in the decades to come.”
Source: Insurance Innovation Reporter
