CyberCube announced $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value (Morgan Stanley), with continued participation from all existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital and key investors from Stone Point Capital.

Scott G. Stephenson, former chairman, president and CEO of Verisk, also participated in the financing and will join the CyberCube board 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 an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions,” said 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.”

CyberCube frequently updates its software-as-a-service offerings and provides a wide range of products that include:

• Broking Manager, for brokers to better advise their clients on risk transfer.
• Portfolio Manager, a scenario-based catastrophe model that empowers portfolio-level insights for senior leadership decision-making.
• Account Manager, giving insurance underwriters a unique view of each risk they assess with actionable insights.
• CyberConnect, which integrates analytics through application programming interfaces (APIs), seamlessly integrating into existing workflows.

In 2022 alone, CyberCube announced strategic partnerships with Relm Insurance, Elpha Secure, Kapnick, Relay, EXL, AkinovA, Baldwin Risk Partners, McGill and Partners, CyberAcuView, QBE, Kroll, URS, Cooper Gay, RT ProExec, Duck Creek Technologies, Majesco, Fermat Capital Management, TrueNorth and Converge Insurance, which is also a Forgepoint company.

Don Dixon, co-founder and managing director at Forgepoint and chairman of the CyberCube board, said: “The transfer of cyber risk to the insurance markets is fast becoming ubiquitous and vital for holistic risk management across sectors. Forgepoint is taking a leadership position in supporting collaboration between the insurance and cybersecurity industries. Our continued support of CyberCube is a key part of that strategy and we are thrilled for the company’s next chapter of growth.”