The following are presentations given to risk carriers and cyber risk modelling companies between 2000 and 2021. These are provided to enable you to understand the background of Quantar’s work since 2000 in relation to the identification, quantification and financial valuation of cyber threats. Our software and methods are underpinned by a patent portfolio, originating in 2002 and that continues to grow today with our latest patent issuing on 23rd August 2022.
The development of Quantar’s front-end applications was a result of meetings with Munich Re, in Munich in May 2003, when we were tasked with further developing our existing patented technology that acquires cyber threat data posed to individual organizations, in a manner that prevents such data from being manipulated and/or corrupted. Where data is subject to manipulation then the models utilising that data for outputs are useless as tools for underwriting and pricing of cyber risks.
The presentations provided cover the following:
Quantar’s original website 2000 – from when the company was named after the first patented technology application, IP-TAP (Internet Protocol Threat Assessment Program). The interesting thing about the 2000 site (in shockwave flash and as such runs only in a limited manner via an swf emulator extension; parts of the text are scrambled!) is that the points, arguments, client profile, target of the technology, remains the same today as they were in 2000. Of note is that there was already clear identification of data privacy risks even in 2000.
Swiss Re – London, UK & Zurich, Switzerland 2009 – pitch for a collaborative development of Quantar’s software products, following on from initial discussions in 2001,to develop cyber products by Swiss Re in an emerging market. At the time of the presentation, Swiss Re had incurred heavy financial losses and the decision was taken by the company to “stick to its knitting” to recover risk capital within the following underwriting cycle.
Hiscox – London, UK, September 2018 – granted access to pitch by then-CEO Bronek Masojada through my personal contacts from my previous role as international project director for digital commerce for the pan-European re/insurance/banking group, Eureko. Hiscox had just invested heavily in Corax Cyber and the presentation was to demonstrate the proof of concept to work with Quantar instead on a joint venture project to further develop Quantar’s products for use within Hiscox as a broader group, including for ILS. The presentation was made to head of Cyber, Matt Harrison, now head of cyber at RMS.
Nestlé – Vevey, Switzerland, October 2018 – presented to the CIO of Nestlé as a result of instruction from a Nestlé Board member, Stafan Palzer. The presentation was for a joint venture co-development for the Nestlé captive, Intercona Re to cover the entire Nestlé group brands globally.
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Cybercube May 2020 Via Zoom During Lockdown – Quantar has always been open to discussions with all parties within the cyber risk management sector and has conducted ongoing communications with various parties globally since 2000. In this presentation, Quantar’s views as to the state of the cyber carrier market were presented to a director of Cybercube. Cybercube announced further funding in June 2022, to increase investment from the previous total of $55 million and has pivoted its offering several times since its launch, in the face of continued reluctance of risk carriers to offer significant cyber cover for corporations. Other start-ups have come and gone within the cyber risk modelling space, including Amelia Systems, Methodware, Corax Cyber and Cyberpoint International.
The arguments put then as to why cyber cover was difficult as a market were countered by Quantar through the provision of data relating to the history of attacks and types over the years. The future probable steps foreseen by Quantar included a tightening of terms and conditions for cyber cover. This is now reflected in the new clauses created by Lloyds, with these new exclusions coming into force in 2023.
Daily Mail Group Trust (DMGT) -[ then owners of RMS] – London & New York September 2020 – presented proposal for the marine and utilities sectors to take Quantar and merge it into RMS to draw upon the skills and experience of Quantar within the cyber risk management and quantification sectors. This included Quantar divesting its patent portfolio to DMGT/RMS. Although there was a high level of interest, the decision had been taken to sell RMS to Moody’s just after the proposal was made (Moodys acquisition completing in September 2021 for $2 billion).