• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Cybersecurity Market

Cybersecurity Technologies & Markets

  • Cyber Security Events 2023-2024
  • Market Reports
  • Sponsored Post
  • Make a Contribution
  • About
  • Contact

AIR Develops Advanced Probabilistic Model for Global Cyber Risks

October 22, 2018 By admin

Catastrophe risk modeling firm AIR Worldwide today announced it has developed a probabilistic model for cyber risk capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. The new model will be included in the latest release of ARC (Analytics of Risk from Cyber), AIR’s cyber risk modeling and analytics platform, due for general release on October 31, 2018. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

“Many insurers are challenged to understand how often various types of cyber incidents can occur and how they can affect the performance of their book,” said Prashant Pai, vice president of cyber offerings at Verisk. “As a result, decisions on product development, underwriting, portfolio optimization, and capital allocation tend to be made with limited data; and too much weight is often put on intuition or broad assumptions. This is where probabilistic modeling can help the industry better manage cyber risk globally.”

AIR’s probabilistic cyber model estimates the likelihood, severity, and economic and insurance impact of security breach and cloud service provider downtime incidents; cloud service provider downtime incidents are one of the most likely forms of aggregation risk for cyber. The new AIR cyber model has been calibrated with public, commercial, and insurance claims data that includes information on more than 60,000 worldwide incidents and the cybersecurity profile of over 100,000 organizations globally.

“The detail and quality of the data we have has allowed us to apply innovative stochastic and machine learning techniques to create a model that provides granular output,” said Scott Stransky, assistant vice president and director of emerging risk modeling at AIR. “By training our machine learning model on real claims data, the model can differentiate the risk by technographic parameters such as cybersecurity practices, cloud service provider, and the cause of cloud downtime incidents, in addition to firmographic characteristics such as company size and sector. AIR’s philosophy is to be transparent and flexible about the various modeling assumptions we’ve made, and model users can dig into them and truly own the risk. Additionally, we’ve collaborated with development partners to allow outputs to be displayed to our users at the organization level.”

Ian Newman, partner and global head of cyber at Capsicum Re, said, “We’re excited to be both one of the first users of AIR’s new probabilistic cyber model and a part of the model’s development. Making use of AIR’s cutting-edge model will help our current and prospective clients better understand their cyber exposures. It will reinforce our ability to develop and deliver innovative cyber insurance solutions, such as cyber industry loss warranties (ILWs), and work with insurance-linked securities (ILS). We also believe analytics are key to the market of the future, which will consist of three core classes: property, casualty, and cyber (PC&C).”

Pai concluded, “The AIR cyber model is the output of several years of work by experts across all of Verisk in the fields of cybersecurity, data science, underwriting, and catastrophe modeling. Our mission is to help the cyber insurance industry grow profitably, and this model will help us take a big leap forward.”

In addition to the probabilistic model, the latest version of ARC features functionality to help insurers understand their additional risk due to GDPR, the expansion of AIR’s cyber industry exposure database to regions globally, and many other enhancements.

About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (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.

Filed Under: Cybersecurity Market

Primary Sidebar

Market Analysis

How to discover the treasure trove of hidden marketing insights by watching customer behavior
Navigating Uncertainty: Prioritizing Hydrogen R&D Efforts for a Sustainable Future
Unleashing the Hidden Talent Pool: The Rise of STARs – Skilled Through Alternative Routes
United Against China: Japan and the Netherlands to Join US in Restricting Semiconductor Exports
Revolutionizing Agriculture: How CRISPR is Changing the Game
The ticking time bomb: Understanding the demographic challenges facing our planet
Smart logistics market to reach $14 billion by 2024

Market Research Media

Turn Your Story into a Game: The Art of Gamifying Your Plot
The end of cheap money is redrawing the map of corporate earnings
The Future of Virtual Reality: How VR is Changing Industries
Market Research Media Survey: The State of Streaming Services
Media measurement services provide a holistic view of cross-media consumption
Gen Z ranks top in luxury sales
How to market recycled products

Secondary Sidebar

Technologies

The Evolution of the Skateboard
How can we clean space junk?
How Electric Vehicles (EV) Are Changing the Automotive Industry
Scientists are looking for intelligent alien life
The Rise of Quantum Computing: Understanding the Basics and its Potential Impact

Venture Capital

The Importance of Diversity and Inclusion in the Workplace
Sequoia Capital announces its $195 Mln dedicated seed fund
Sublime Systems Secures $40 Million Series A to Electrify and Scale Decarbonized Cement Production
actyv.ai Raises Pre-Series A Funding to Fuel Global Expansion, Product Enhancement
Ottopia announces $14.5M Series A Funding Round

Footer

Recent Posts

  • How to encrypt and decrypt text messages with ChatGPT
  • The Impact of Artificial Intelligence on Cybersecurity
  • Global Critical Manufacturing At Significant Risk of Breach
  • What are third-party JavaScript vulnerabilities?
  • Hackers have a prize at the Barcelona Cybersecurity Congress 2023, 31 January to 2 February at Fira de Barcelona’s Gran Via exhibition centre
  • An Action Plan for Cyber Resilience
  • CMMC Implementation Conference 2023 (CIC 2023) taking place at the University of San Diego, January 18-20, 2023
  • Cybersecurity hit most as tech investment plunged
  • Five Cybersecurity Trends that will Impact Life and Business in 2023 and Beyond
  • How rogue states use cyberwarware to undermine democracies

ESN

App Coding 2022
Join AWS Dev Day to get hands-on experience automating your cloud security
The Largest Singapore ICT Exhibition in Asia ‘ConnecTechAsia’ Ended Successfully With Participation of Digital Content Companies in Korea, the Digital Powerhouse
Needham Consumer Tech/E-Commerce Conference on November 22, 2021
SWTest 2021 Conference, August 30 – September 1, 2021, San Diego

Calendarial

Japan’s Comic Market (Comiket), the largest Anime Event in Japan, August 13-14t, 2022, Tokyo Big Sight (Tokyo International Exhibition Center)
National Gallery: Today marks the feast day of Saint Anne
National Day of Spain 2022, 12 October
The largest Bitcoin mining expo, Mining Disrupt® on July 26-28 2022 in Miami, USA
2022 POCUS World Conference, September 16-17, 2022

Tech Events

Flagship Community Conference for the Leading Open Source Browser Automation Standard Returns to In-person Event in Chicago, March 28-30, 2023
WeAreDevelopers World Congress, 14-15 June 2022 in Berlin
Apple Worldwide Developers Conference (WWDC), June 6-10, 2022
Microsoft Research Summit, October 19-21, 2021
Registration Now Open for SPIE Photonics West 2023, January 28- February 2, 2023, San Francisco’s Moscone Center

Event Calendar

ADAS & Autonomous Vehicle Technology Expo, June 21-23, 2022, Stuttgart, Germany
Watec Chile, March 14-16, 2023, Centro Parque, Santiago de Chile
SIEW 2022 will take place in Singapore from 25 to 28 October 2022
The Battery Show and Electric & Hybrid Vehicle Technology Expo North America, September 13-15, 2022, Novi, Michigan
TechLaw.Fest 2020 Sets Stage For Legal Industry’s Future

Copyright © 2022 CybersecurityMarket.com

Technologies, Market Analysis & Market Research

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT