back Back

CyberCube announces $50m in growth capital financing to advance cyber risk analytics

By Edlyn Cardoza

December 23, 2022

  • APIs
  • Cyber Risk
  • Cyber Risk Analytics
Share

CyberCube, Cyber Risk Analytics, Growth Capital, Morgan Stanley Tactical Valu, Cyber Risk, Underwriting, CyberConnect, APIs, Risk Management, USACyberCube, one of the market leaders in cyber risk analytics, announced $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value (Morgan Stanley), 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.

Pedro Teixeira, Co-Head of Morgan Stanley Tactical Value and Managing Director at Morgan Stanley, said: “CyberCube is a business that’s drawn great interest from the investment community. 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 models cyber risk to allow insurers and brokers to understand their portfolios’ exposure to cyber threats while enabling their clients to protect themselves better. CyberCube’s products also aid underwriters in their evaluation of individual commercial risks during the underwriting process. The 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,” said Pascal Millaire, CEO of 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.”

Trusted by some of the world’s largest and most sophisticated (re)insurance and broking entities to enable faster, data-driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting, CyberCube continues to achieve remarkable success as the category leader in portfolio and broking management.

Michael Millette, Co-Founder and Managing Partner at HSCM Bermuda and CyberCube board member, added: “CyberCube has built a market-leading position in a pivotal role in the cyber insurance value chain. The quantification of cyber risk through robust modeling will allow industry participants to predict risk levels and provide useful pricing information. We are delighted to continue our support of CyberCube in its mission to deliver data-driven cyber risk analytics built for the insurance industry.”

CyberConnect integrates analytics through application programming interfaces (APIs), seamlessly integrating into existing workflows. In 2022 alone, 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. 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,” said Don Dixon, Co-Founder and Managing Director at Forgepoint and Chairman of the CyberCube board. 

Scott G. Stephenson said: “Cyber risk management is one of the biggest threats facing businesses today and one of the greatest growth opportunities for the insurance sector. 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.”

Previous Article

December 23, 2022

Uome FinTech App launches open banking and subscription feature

Read More
Next Article

December 23, 2022

Network International appoints new Group Chief Business Transformation and Technology Officer

Read More






IBSi Daily News Analysis

June 21, 2024

APIs

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

4 Cybersecurity firms using AI to thwart financial crime in the UK

Read More

June 13, 2024

Fin+InsureTech Finsall raises $1.7m in Bridge Round led by Unicorn India Ventures & Seafund

Read More

June 12, 2024

5 RegTechs enhancing compliance for India’s BFSI sector

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023