In 2015, Symantec launched CyberCube, a Software-as-a Service (SaaS) solution for commercial insurers. Today, CyberCube is a standalone company that leverages Symantec’s high-powered tools and resources to help insurers determine the scope of cyber risks.
By modeling accurately the potential vulnerabilities, CyberCube, now a separate business, helps insurers design customized insurance policies. The analytics, which incorporate a company’s own cyberdefense solutions, can also help businesses pinpoint areas of exposure, reduce risks and lower their insurance costs.
CyberCube employs experts from a range of specialties, including cybersecurity, data science, software engineering, commercial insurance and actuarial science. Using these tools, Hauser Insurance Group is able to make better, informed cyber insurance packages. These customized insurance offerings can address common concerns that can raise the cost of cyber insurance, especially business interruption risks, breach responses, extortion scenarios, regulatory implications and legal issues, all of which are a part of a typical policy.
The Hauser solutions can help identify exposures and assist companies in reducing risk. Proactive approaches to cybersecurity reduce the overall risk and can result in lower insurance premiums.
Hauser Insurance Group offers CyberCube as a way to help its business clients address the most common areas of vulnerability in cyber insurance, including business interruption, breach responses, extortion, regulatory matters and legal concerns.
The pandemic has compounded the threat of cyberattacks. As more employers shifted to at-home work, it meant that employees were suddenly faced with new work structures. They needed to access and transmit data via residential networks. They were using new technology to communicate with colleagues and coworkers and access information.
These new realities created far greater risks and made businesses far more vulnerable.
Credential issues (passwords, user names) were the most common attack vector, according to IBM, accounting for 20 percent of all breaches at an average cost of $4.37 million.
What was the biggest factor in reducing the impact and harm of cyberattacks? Automation and security-based artificial intelligence solutions had the greatest mitigation impact. When fully deployed, these solutions mitigated costs up to $3.81 million less than those in cases where such solutions were not present.
Symantec developed CyberCube in 2015. It’s a Software-as-a-Service (SaaS) solution that helps aggregate the modeling of cyber risks in order to assist with insurance underwriting. Today, it is a standalone business.
As a security tool, CyberCube includes solutions that harness Symantec’s high-level resources and tools. Its team of experts includes cybersecurity, software engineering, data science, commercial insurance and actuarial science professionals.
Hauser Insurance Group recommends CyberCube for private equity firms, the companies that those firms are investing in and other public and private companies.
To learn more about Hauser Insurance Group solutions, contact the team today!