The fast-changing nature of cyber risk means it is highly challenging for insurers to identify portfolio exposure accumulations and develop realistic cyber catastrophe scenarios.

CyberCube wins stress scenarios software of the year because the judges said it has made great progress in this challenging area. An example of this innovation is CyberCube's Portfolio Manager v4.0 product that was launched last year.

It allows insurers to stress-test portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, ransomware attacks and financial fraud.

The cyber risk analytics provider also worked with Lloyd's of London in 2022 to develop a range of cyber scenarios, since incorporated in Lloyd's formal Realistic Disaster Scenario framework. The three scenarios – a cyber power outage, a widespread malware event and a cloud outage event – allow Lloyd's managing agents and syndicates to stress test their risk portfolios against these cyber perils.

Recent adopters of CyberCube's Portfolio Manager v4.0 include QBE, in June 2022 and McGill and Partners last July. CyberCube also formed a partnership in 2022 with actuarial modelling provider Ultimate Risk Solutions.

A clear entry submission from CyberCube with positive client testimonials further impressed the judges.

Commenting on industry trends, Rebecca Bole, head of industry engagement at CyberCube, says in 2022 regulators put more focus on understanding insurers' exposure to cyber aggregation risk.

Bole says: "Many regulators are aware of the systemic nature of cyber risk and the potential for catastrophic losses arising from cyber attacks. As insurers' cyber exposures grow, more regulators are taking concrete steps to understand the scenarios that might lead to a catastrophic loss better, and to seek data from the market on the financial impact of these scenarios on insurers' balance sheets."