A Common Data Standard
Partnering with the University of Cambridge Centre for Risk Studies, the RMS Cyber Exposure Data Schema offers a standardized approach for identifying, quantifying, and reporting affirmative and silent cyber exposure. The RMS schema captures five key categories of cyber risk, providing a common language and approach needed for understanding and measuring cyber accumulation risk.
Cyber Loss Process Models
Defining a Probable Maximum Loss (PML) for cyber insurance is challenging. With negligible claims history and the absence of a truly systemic "catastrophe" loss, many large insured claims have arisen from a single cause.
RMS has created five loss process models to stress test a (re)insurer’s portfolio, reflecting five key IT-related cyber threats to represent severe but plausible examples of systemic cyber catastrophes.
Flexible Reporting Analytics Engine
The RMS Cyber Accumulation Management System "engine" provides a framework for analyzing exposure and loss results across both affirmative and silent cyber insurance policies.
With out-of-the-box analytics to help support both the understanding of risk accumulations and key drivers of loss from within the scenarios models, the accumulation engine delivers business insight required to set and monitor risk appetite over time.