Verisk

Cyber solution of the year, Verisk

Demand for cyber insurance is expected to soon exceed $6bn in annual premiums. But those writing this coverage or considering entering the market are often impeded by limited data availability, and a lack of standardisation in terminology.

Verisk's end-to-end cyber risk solution is built on an industry database that contains policy information on more than 12 million businesses.

The product aims to help risk professionals better address their vulnerability to a host of cyber risks, such as outside-in threats, dark web exposures, data breaches, ransomware attacks, and cloud service dependencies and outages.

The solution offers advanced cyber risk modelling that identifies aggregation risk sources and portfolio aggregation scenarios to estimate potential portfolio cyber losses, as well as an underwriting solution for issuing cyber policies with increased speed and precision and automated cyber rating updates that can be uploaded electronically into rating systems.

Verisk's Cyber Data Exchange aggregates anonymised industrywide cyber data to help cyber insurers benchmark their portfolios and better understand which business segments are most profitable.

At the same time, Verisk's Cyber Underwriting Report rapidly gives underwriters a cyber security score for the risk they are considering for coverage, a peer score to provide context, and a profile containing critical business characteristics.

Powered by the expertise of two Verisk businesses – the cyber modelling of AIR and the insurance data, analytics, and workflow capabilities of ISO – the report is derived from both an insurance and a security perspective. It also includes estimates on the frequency and financial impact of incidents like data breaches and cloud service provider downtime.

Corporate statement: Managing the new paradigm of cyber risk