AIR Worldwide Releases Cyber Risk Application
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Releases Cyber Risk Application
ARC (Analytics of Risk from Cyber) provides underwriters and risk managers
with a variety of cyber analytics
BOSTON, April 24, 2017 - Catastrophe modeling firm AIR Worldwide today released
ARC (Analytics of Risk from Cyber), a comprehensive cyber risk modeling
application for the insurance and reinsurance markets. ARC can evaluate any
commercial policy (including those vulnerable to silent cyber), measure and
monitor aggregations of cyber risk within a portfolio, and estimate potential
insured cyber losses for portfolios. AIR Worldwide is a Verisk Analytics
(Nasdaq:VRSK) business.
"Insurers typically have very little information about the cyber risk
characteristics of the companies they insure and instead rely on a crude market-
share approach," said Scott Stransky, assistant vice president and principal
scientist, AIR Worldwide. "ARC takes advantage of the detailed information that
AIR has compiled on companies to help insurers identify their sources of
aggregation risk and to determine with greater certainty which of their insureds
would be affected by various aggregation scenarios."
ARC makes use of a proprietary database of industry exposures that users can
leverage to enhance their view of the risk. AIR has combined data from multiple
commercial and public sources to develop a comprehensive view of the insurable
cyber market in the United States and key companies around the world. AIR's
detailed industry exposures contain information about a company's demographic,
information technology, and cybersecurity profile as outlined by the Verisk
Cyber Exposure Data Standard. For millions of organizations, AIR has data on
risk attributes such as company industry and size, data storage and transfer
mechanisms, and cloud and domain name service providers, among many other pieces
of information.
"Understanding an insured's virtual supply chain is a critical first step toward
managing systemic cyber risk within a portfolio," said Laila Khudairi,
underwriter, Tokio Marine Kiln. "A global database of exposures such as the one
underlying ARC gives us more confidence that the modeled loss estimates reflect
the risk within our portfolio."
To estimate expected losses from cyber incidents, AIR employs a ground-up
methodology that first considers an organization's risk profile as the basis for
determining the magnitude and cause of loss. Users have the flexibility to
determine how each cause of loss, such as security breach expense or business
interruption, is best represented within the insurer's unique policy coverage
framework. Any commercial policy can be evaluated by the AIR cyber application,
including:
* stand-alone cyber - policies that affirmatively cover damages resulting from
cybersecurity incidents
* cyber endorsements - supplemental cyber coverage added to existing
commercial policies, such as directors and officers and errors and omissions
coverage, general liability, or property
* silent cyber - any policy that doesn't explicitly include or exclude cyber
As part of the new cyber application, AIR offers a variety of cyber scenarios
that can be used to estimate the financial impact of a defined event on an
individual company or portfolio. Such scenarios include cloud service provider
downtime, accidental data breach, and blackout events for regions in the United
States and the United Kingdom. Included with these scenarios is the ability to
modify severity parameters, risk managers can implement their own view of the
risk, test the sensitivity of portfolios to different event circumstances, and
explore the impact of adjusting cyber policy terms.
A cyber risk consulting practice is also available to help clients augment the
cyber exposure information in their existing books of business and to produce
custom reports on aggregation risk and the probability of breach.
About AIR Worldwide
AIR Worldwide (AIR) provides catastrophe risk modeling solutions that make
individuals, businesses, and society more resilient. AIR founded the catastrophe
modeling industry in 1987 and today models the risk from natural catastrophes,
terrorism, cyber attacks, and pandemics globally. Insurance, reinsurance,
financial, corporate, and government clients rely on AIR's advanced science,
software, and consulting services for catastrophe risk management, insurance-
linked securities, site-specific engineering analyses, and agricultural risk
management. AIR Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, is
headquartered in Boston with additional offices in North America, Europe, and
Asia. For more information, please visit www.air-worldwide.com.
###
For more information, contact:
Kevin Long
AIR Worldwide
617-267-6645
klong(at)air-worldwide.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AIR Worldwide via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2017 - 09:01 Uhr
Sprache: Deutsch
News-ID 537752
Anzahl Zeichen: 5837
contact information:
Town:
Boston
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 158 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AIR Worldwide Releases Cyber Risk Application"
steht unter der journalistisch-redaktionellen Verantwortung von
AIR Worldwide (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
