The increasing frequency and sophistication of cyber-attacks, the increasing pace of digital transformation and advances in big data and cloud computing mean cyber risk is one the biggest threats to business – and it's also one of the biggest opportunities for insurers.

In a challenging and ever-changing landscape, CyberCube wins cyber risk solution of the year for supporting its clients to make better decisions about which digital risks to avoid, mitigate or insure.

The cyber risk analytics provider's solutions include cyber risk analysis software solutions for re/insurance underwriters, brokers and portfolio managers.

CyberCube says its concentration of expertise across data science, security, threat intelligence, actuarial science, software engineering and insurance enables it to select the best data sources and curate their output into data sets that identify trustworthy early indicators, and build a forward-looking view of risk.

Having publicly announced 20 new partnerships in 2022, the judges liked the way the provider supports its clients, as well as the breadth and depth of its offerings.

CyberCube's chief executive officer Pascal Milliare says the cyber insurance market is arguably no longer in its infancy.

"I predict that in 2023 the industry will work together in many different ways to help power the evolution of the cyber insurance market towards a more mature level, and deliver better value for the end customer," says Milliare.

He adds: "In the coming year, underwriters and brokers will come under greater pressure to concentrate on value-added tasks, rather than spend their time on manual data entry or low-value screening. As we anticipate this shift in focus, CyberCube is collaborating with core technology systems providers used by our re/insurance and broking clients to streamline our analytics and have them ingested into core systems through application programming interfaces (APIs)."