SAN FRANCISCO. December 19, 2022–(BUSINESS WIRE((EN)–CyberCube is the market leader for cyber risk analysis and today announced $50 million in additional capital from investment funds managed. Morgan Stanley Tactical Value (Morgan Stanley), and continued participation by all existing investors Forgepoint Capital (Bermuda), Hudson Structured Capital Management Ltd. (Bermuda), MTech Capital, as well as key investors from Stone Point Capital. Scott G. Stephenson (ex-CEO, President, and CEO of Verisk) also participated in the financing. He will be joining the CyberCube board to serve as a director. This latest financing brings CyberCube’s total capital raised to over $100 million.
CyberCube models cyber risk to allow insurers and brokers to understand their portfolios’ exposure to cyber threats while enabling their clients to better protect themselves. 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 a significant milestone in our mission of empowering modern industry and society, with world-leading cybersecurity analytics so everyone can take better decisions,” stated 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.”
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. Participants in the industry have recognized CyberCube’s pivotal role within the insurance and general economy. It is a solid investment opportunity, and Morgan Stanley has the potential to play a positive part in the ongoing mitigation global cyber threats.”
Michael Millette, co-founder and Managing Partner of HSCM Bermuda, and CyberCube board member added: “CyberCube is in a leading market position and plays a pivotal part in the cyber insurance value chains. The robust modeling that quantifies cyber risk will enable industry participants to forecast risk levels and provide pricing information. CyberCube continues to receive our full support.
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.
CyberCube frequently updates its software-as-a-service offerings and provides a wide range of products that include:
CyberConnect integrates analytics via application programming interfaces (APIs) seamlessly into existing workflows.
CyberCube made strategic partnerships in 2022 only with Relm Insurance and Elpha Secure. Kapnick and Relay were EXL, AkinovA and Baldwin Risk Partners. McGill and Partners, CyberAcuView and CyberAcuView.
Don Dixon, Cofounder and Managing Director of Forgepoint and Chairman on the CyberCube board said: “The transfer and management of cyber risk to the insurance market is fast becoming widespread and vital for holistic and cross-sector risk management. Forgepoint is a leader in supporting collaboration between the cyber security and insurance industry. Our continued support of CyberCube is a key part of that strategy and we are thrilled for the company’s next chapter of growth.”
Scott G. Stephenson said that “Cyber Risk Management is one of today’s greatest threats to businesses and an opportunity for growth for the insurance sector.” The development of robust analytics tools that assist in risk decision-making is key to unlocking this potential. 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.”
Oliver Wyman provided commercial due diligence services to Morgan Stanley Tactical Value and Latham & Watkins represented Morgan Stanley Tactical Value as legal counsel on the transaction.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
CyberCube, a platform for insurance professionals, was created within Symantec in 2015. It is backed Morgan Stanley Tactical Value (Forgepoint Capital), HSCM Bermuda (HSCM Bermuda), MTech Capital, Scott G. Stephenson, and individuals from Stone Point Capital. Visit www.moreinformation.com www.cybcube.com Email [email protected].
Morgan Stanley Tactical Valuation
Morgan Stanley Tactical Value is a Morgan Stanley Investment Management team that focuses on providing flexible capital and the ability to invest in a variety of asset classes, sectors, and geographies within changing market environments. We are able to partner with any company, regardless of their specific financial and strategic objectives, because our investments do not have to be restricted by one standard asset class. Our team’s expertise, including deep structuring experience, is complemented by Morgan Stanley’s broad capabilities to meet bespoke capital needs or analyze idiosyncratic risks. Please visit www.moreinformation. www.morganstanley.com/im/tacticalvalue.
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