Elpha Secure has formed an alliance with CyberCube to attract capacity from providers in the insurance-linked securities (ILS) space.
As part of the collaboration, Elpha Secure, a cyber managing general agent (MGA), will use CyberCube’s Portfolio Manager platform and its Single Point of Failure (SPoF) Intelligence module.
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The Portfolio Manager provides insights by stress testing portfolios of insurance and reinsurance risks for cyber-related scenarios such as data breaches, ransomware attacks and financial fraud.
The SPoF Intelligence module, on the other hand, offers details on clients’ vulnerability to SPoFs and the possibility of supply-chain disruption.
With backing from several insurers, Elpha Secure offers a comprehensive cyber solution that combines cyber security and cyber insurance for small-to-medium-sized businesses in the US.
Elpha Secure CEO Preetam Dutta said: “The cyber insurance industry is facing systemic risks, which continue to grow every day as more users aggregate around possible attack vectors. We are excited to build on work in the ILS space through our partnership with Fermat Capital and CyberCube.”
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By GlobalDataCyberCube senior client account manager Andrew Lukas said: “We are excited to partner with Elpha Secure as they bring both cyber risk transfer and cyber protection technology solutions to their insured base. Portfolio Manager and SPoF give Elpha a holistic view of their concentrated exposures and loss potential.”
Last month, the cyber-MGA, which was established in 2018, raised $20m in a Series A funding round led by Canapi Ventures.
