Lockton Re Embraces Cyber Risk Management Innovation
Lockton Re has announced its decision to become the first reinsurance broker in the industry to adopt Exposure Manager (XM), a newly launched product from CyberCube. This move aims to enhance the transparency of cyber portfolio risk, a growing concern for many in the insurance sector.
What is Exposure Manager?
Exposure Manager is a tool designed to provide insurers and reinsurers with better insights into cyber risk. By utilizing advanced analytics, it helps organizations quantify and manage their exposure to cyber threats. This is particularly crucial as the landscape of cyber risk continues to evolve rapidly, affecting how insurance products are developed and priced.
Key Players Involved
Lockton Re is a well-regarded name in the reinsurance space, known for its focus on thoughtful solutions to complex risk challenges. CyberCube, the provider of Exposure Manager, specializes in risk analytics, offering tools that help firms navigate the intricacies of cyber risk.
Why This Matters
The adoption of Exposure Manager by Lockton Re signals a significant step toward improving cyber risk assessment and management in the reinsurance sector. This change could not only benefit Lockton's clients but may also encourage other brokers to reassess their approach to cyber risk as they strive for greater transparency and accuracy in their offerings.
Who Might Be Impacted?
The primary beneficiaries of this development are likely to be insurance companies and their clients who rely on reinsurance to protect against cyber threats. Improved risk assessment tools can lead to more tailored solutions and potentially lower premiums as insurers gain a clearer understanding of their exposures.
Overall, Lockton Re's strategic move to adopt CyberCube's Exposure Manager reflects a broader trend in the insurance industry toward embracing innovative technologies for better risk management.
Insurance Nerds Editorial Team
