SAN FRANCISCO--(BUSINESS WIRE)--CyberCube Analytics, an innovator in cyber risk analytics for the insurance industry, today announced that it has emerged from stealth mode, backed by investment from Silicon Valley based investor Trident Capital Cybersecurity and by technology developed by Symantec Corporation. The CyberCube team brings together experts in insurance, risk modeling and cyber security to provide the industry’s first risk modeling platform that provides an inside-out view of risk exposure to cyber insurers, reinsurers and reinsurance brokers.
“Cyber insurance is one of the fastest growing insurance lines to emerge in decades, expected to reach $20 billion in premium revenue by 2025,” said J. Alberto Yépez, co-founder and managing director at Trident Capital Cybersecurity. “But the market is constrained by the lack of robust analytics to price cyber risk or understand systemic risk. We are creating the industry standard platform to address these challenges for cyber insurers.”
CyberCube also announced today the general availability of its risk-modeling platform, which processes terabytes of unique data sets and applies multidisciplinary analytic methods. As part of the company’s launch, Symantec has contributed technology assets, developed in collaboration with leading insurance underwriters, in return for an equity stake. In addition, Symantec will provide an exclusive, proprietary telemetry data license to augment CyberCube’s risk models. The investment will be managed under the Symantec Ventures portfolio.
“Symantec Ventures was created to be a catalyst for critical breakthroughs and innovation in the cyber security industry,” said Symantec CEO, Greg Clark. “We are excited about CyberCube’s ability to address the needs of the cyber insurance market and believe that they are well positioned to realize the full potential of this large opportunity. We partnered with Trident Capital Cybersecurity to launch CyberCube because of their proven success in growing cyber security companies.”
“Cyber is one of the most important risks facing society in the 21st century and therefore it is one of the most important risks facing the insurance industry,” said Pascal Millaire, CEO of CyberCube. “With the backing of Trident Capital Cybersecurity and Symantec Ventures, CyberCube is uniquely positioned to help insurers underwrite and model cyber risk in a way that no one else can.”
About CyberCube Analytics (CyberCube)
CyberCube is dedicated to delivering the world’s leading cyber risk analytics for the insurance industry. The company’s Software as a Service platform helps insurance companies make more informed, effective and efficient decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on 7 million companies globally and includes modeling on over one thousand single points of technology failure. The platform leverages distinctive sources of data and advanced analytic methods to solve the specific challenges faced by the insurance industry. For more information visit www.cybcube.com or contact info@cybcube.com.
About Trident Capital Cybersecurity
Trident Capital Cybersecurity is a $300 million fund exclusively investing in cybersecurity companies. The firm brings deep industry expertise and a strong network of relationships. Trident’s 50-person Cybersecurity Advisory Council includes industry CEOs, security entrepreneurs, senior information security executives, and former government security leaders. Portfolio companies now include CyberCube and 4iQ, Attivo, Appthority, Bayshore Networks, BehavioSec, ID Experts, IronNet Cybersecurity, Prevoty, and ReversingLabs. Trident’s principals have been investing in cybersecurity since 1998 and have made a total of 34 cybersecurity investments. For more information, please visit www.tridentcybersecurity.com.
About Symantec
Symantec Corporation (NASDAQ: SYMC), the world's leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec's Norton suite of products for protection at home and across all of their devices. Symantec operates one of the world's largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information about the company’s venture capital arm Symantec Ventures, please visit www.symantec.com/theme/symantec-ventures.
