Catastrophe modeler RMS has made updates to its cyber offerings to target emerging cyber risks.
Among the updates is the new Cyber Solutions Version 5.0 application that allows users to price and select cyber risks without large amounts of historical in-house claims data.
In addition, RMS has rolled out a new RMS Cyber Solutions Portfolio Management application designed to help carriers understand the extent of previously unquantifiable cyber risks on their portfolio(s) – also known as “silent cyber.” The tool looks at cyber portfolio profitability and the levels of exposure through the “Exceedance Probability” (EP) curve. RMS said insurers can use the tool to help grow their book of business, manage reinsurance purchases and optimize portfolios.
RMS Cyber Solutions 5.0 uses data and scientific approaches to provide cyber insights for cyber underwriters and portfolio managers. With its new model engine, Version 5.0 resolves output to finer granularity so users can “slice and dice” data to understand the various drivers of risk that could affect their portfolios.
The RMS Cyber Solutions Underwriting application incorporates scientific methods and integrates large datasets from the RMS Cyber Incident Database (CID). The CID includes 100,000 data breach events, threat intelligence, dark web scanning, vulnerability management, and outside-in/cyber-hygiene scorers.
The combination of the new RMS pricing engine and portfolio management application is designed to drive consistency between RMS customer’s underwriting and portfolio management workflows. RMS Cyber Solutions models a carrier’s entire cyber risk, accounting for attritional and single-risk large claims and catastrophe losses so pricing considers loadings for the catastrophe risk.
The tools are designed to help identify the amount that must be added to average annual loss to cover catastrophic events, beyond one-off cyber events or even large (non-catastrophic) events.
Was this article valuable?
Here are more articles you may enjoy.