Cyber risk modeller DeNexus expands into Europe with new Switzerland office

US cyber risk modelling firm DeNexus has opened a new office in Switzerland as a base for expansion in Europe as it further develops models for risk managers to measure cyber losses.

Headquartered in California but with its engineering base in Madrid, DeNexus said the Switzerland office will “establish [a] cyber centre of excellence in the heart of Europe”.

Located in Lugano in the Italian-speaking region of Switzerland, it will be headed by senior software architect Marco Sabitini, who joins DeNexus from Nozomi Networks, and Mario Pio Gioiosa, who joins from lastminute.com where he was a software engineer. Both will report to Alessandro Nepoti, chief technology officer. DeNexus said it plans to add more members to the team.

“Switzerland is an ideal base for us to open our European operations, as it combines German, eastern and southern European influences, and is a traditional hub for the insurance business,” Nepoti said.

Founder and CEO of DeNexus Jose Seara added: “We are aiming to create a new hub of cyber knowledge here in Switzerland.”

DeNexus specialises in second-generation cyber risk models for commercial operations, global insurers and reinsurers, and investors in insurance-linked securities. It said the new team in Switzerland will “help DeNexus to further develop credible modelling on the financial impact of cyber breaches for the cyber risk management and risk transfer communities”.

In particular, DeNexus uses bottom-up detailed risk accumulation models for portfolios, to help commercial operations and their insurers understand the risks and financial impacts of cyber breaches.

“The cyber risk management and risk transfer communities need to trust the numbers when it comes to cyber breaches, and for that, you need to attract the top software talent,” Nepoti said.

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