Press Release
December 19, 2022

CyberCube Announces $50 Million in Growth Capital Financing to Further Advance Cyber Risk Analytics


Press Release

CyberCube Announces $50 Million in Growth Capital Financing to Further Advance Cyber Risk Analytics

CyberCube Announces $50 Million in Growth Capital Financing to Further Advance Cyber Risk Analytics

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December 19, 2022


SAN FRANCISCO, CA — December 19, 2022

CyberCube, the market leader in cyber risk analytics, today 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.”

Pedro Teixeira, Co-Head of Morgan Stanley Tactical Value and Managing Director at Morgan Stanley, said: “CyberCube is a business that’s drawn great interest from the investment community. Its role in the insurance markets and the wider economy has been recognized as pivotal by industry participants. It presents both a strong investment opportunity and the ability for Morgan Stanley to play a positive role in the ongoing mitigation of global cyber threats.”

Michael Millette, Co-Founder and Managing Partner at HSCM Bermuda and CyberCube board member, added: “CyberCube has built a market-leading position in a pivotal role in the cyber insurance value chain. The quantification of cyber risk through robust modeling will allow industry participants to predict risk levels and provide useful pricing information. We are delighted to continue our support of CyberCube in its mission to deliver data-driven cyber risk analytics built for the insurance industry.”

Trusted by some of the world’s largest and most sophisticated (re)insurance and broking entities to enable faster, data-driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting, CyberCube continues to achieve remarkable success as the category leader in portfolio and broking management.

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 cyber security 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.”

Scott G. Stephenson said: “Cyber risk management is one of the biggest threats facing businesses today and one of the greatest growth opportunities for the insurance sector. A key to unlocking this potential is the development of robust analytics tools to assist risk decision-making. I’m excited to support CyberCube given the tremendous opportunity the company has to drive value for businesses, insurance institutions, and for society in the decades to come.”

Oliver Wyman provided commercial due diligence services to Morgan Stanley Tactical Value and Latham & Watkins represented Morgan Stanley Tactical Value as legal counsel on the transaction.

About CyberCube

CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.

The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners. It is backed by Morgan Stanley Tactical Value, Forgepoint Capital, HSCM Bermuda, MTech Capital, individuals from Stone Point Capital and Scott G. Stephenson. For more information, please visit or email

About Morgan Stanley Tactical Value

Morgan Stanley Tactical Value, a team within Morgan Stanley Investment Management, is focused on providing nimble capital with the flexibility to invest across asset classes, sectors and geographies in changing market environments. Given our investments are not constrained by a single standard asset class, we have the flexibility to partner with each company in such a way that meets their unique strategic and financial objectives. Our team’s expertise, including deep structuring experience, is complemented by Morgan Stanley’s broad capabilities to meet bespoke capital needs or analyze idiosyncratic risks. For more information, please visit

Morgan Stanley Tactical Value is an investment platform targeting private, long-term and likely illiquid investments.

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