Cyber Risk Modeling
Create predictability and stability, and quantify the financial impact of an uncertain market. Tap into cyber risk models to consistently price and measure affirmative cyber risk—and understand the potential from silent exposure.
Quantify Risk with Cyber Modeling
RMS Cyber Solutions use the latest cyber risk analytics and most current cyber risk data to quantify the risks of this dynamic peril helping you make sound underwriting, portfolio management, and risk transfer decisions.
Transparent Throughout
Validate and modify assumptions in our cyber risk models with direct access to insights to leave no (digital) stone unturned.
Comprehensive Cyber Modeling
Model a diverse range of cyber threats from the account to portfolio level to optimize risk selection. Ensure pricing, portfolio optimization, underwriting guidelines and capital provisions are consistent across perspectives.
Manage Risk Effectively
Stay ahead of the competition with the cyber risk model that helps you intelligently underwrite, diversify, and manage both catastrophic and attritional cyber risk.
Key Cyber Model Features
The comprehensive RMS cyber risk model supports (re)insurers’ end-to-end cyber risk management.
Get a Complete View of Cyber Risk
The increasing risks posed by cyber attack, security breaches, and cyber threat make it critical that insurers have a complete view of potential vulnerabilities and exposure aggregations. RMS cyber risk models assess attritional risk (one-off), large event, and catastrophic event losses for a comprehensive perspective and the ability to improve risk selection and pricing. The RMS financial model is calibrated using econometric data, robust modeling of factors, and our Cyber Incident Database which includes data on millions of attacks.
Related Cyber Solutions
RMS Cyber Solutions offer a full range of cyber risk modeling, quantification and management solutions to help (re)insurers regardless of the maturity of their cyber business.
Underwriting Solution
RMS Cyber Solutions Underwriting enables effective pricing of affirmative cyber risk contracts. Using the same modeling engine as the portfolio management application to ensure consistency and compatibility, this tool leverages hundreds of thousands of real-world cyber incidents to provide the most current representation of an ever-evolving threat.
Portfolio Management Solution
RMS Cyber Solutions Portfolio Management facilitates portfolio optimization and the setting of capital requirements, effectively capturing both affirmative and silent cyber risk within your book.
RMS U.S. Cyber IED/EED
Get a broader view of risk through the RMS® U.S. Cyber Economic Exposure Database (EED) and RMS® U.S. Cyber Industry Exposure Database (IED) to support applications from business strategy to risk transfer.
Cyber Consulting Services
Regardless of your size, RMS offers a wide range of consulting services and modeled outputs to assist (re)insurers with quantification, management, and operationalization of cyber risk.
Thought Leadership
From publications to cyber events to working with a range of cyber experts, RMS brings the latest research and understanding of cyber risk modeling to the insurance market.
Software and Models
The RMS Cyber Solutions applications offer full access to comprehensive cyber risk models, a standardized cyber exposure data schema, configurable analysis profiles, results data, and reporting.
Spotlight
A Cyber Model You Can Trust
RMS Cyber Solutions provide a transparent, flexible framework to analyze exposure and validate loss results across affirmative and silent cyber insurance policies, including property, liability, business interruption, reputational damage, environmental damage, breach of privacy, and data and software loss coverage. The intuitive interface provides streamlined data management and seamless access to analytic insights including open access to all underlying data and modeling assumptions.
Customer Success Story: Improved Cyber Risk Assessments
A global insurer wanted to better understand what factors were driving their cyber losses. They had previously developed an in-house model, but critical firmographics were not captured and the missing data made it difficult to generate reliable results. The insurer also wanted a single view of cyber risk across their insurance and reinsurance books so they could enhance their cyber risk strategy.
Read how leveraging RMS Cyber solutions improved risk selection and portfolio management.
Beyond Cyber as a Coverage
The core RMS cyber risk models can be used to quantify cyber risk arising from a range of scenarios for various coverages and categories of exposure. But to gain a complete view of risk, other RMS solutions can help (re)insurers.
Resources
Lessons from SolarWinds Breach: How IT Supply Chain Attacks Can Cause Serious Cyber Insurance Losses
This article was originally published in Insurance Day - click here to access (subscription required) Cybersecurity company FireEye was the first to reveal how a serious threat actor had hacked their internal network via a compromised SolarWinds Orion application, closely followed by several U.S. government agencies. SolarWinds Orion IT monitoring and management software has over 300,000 customers worldwide, including 425 of the U.S. Fortune 500 businesses,…
Succeeding in a Changing Cyber Risk Landscape
Though a relatively new peril, cyber risk is dynamic – and 2020 has certainly been a year of rapid change in terms of the nature of cyber risk. Due to national or state-level COVID-19 lockdowns, employees around the globe left the protective IT bubble at their office buildings to work from home, causing cyber exposure to shift radically for cyber insurers. Research from Stanford University published at the end of June 2020 suggested that 42 percent of the entire…
Cyber Risk Outlook 2019
The report provides insights into the rapidly evolving world of cyber risk and describes the latest insights from RMS analysts and modelers in collaboration with the Cambridge Centre for Risk Studies.
Quantify Your Silent Cyber Exposure With These Three Steps
In 2017, WannaCry infected computers in over 150 countries across the globe, taking out critical functions such as the National Health Service (NHS) in the U.K. One year later, the NotPetya cyberattack brought many household names to a standstill. The pharmaceutical giant, Merck, was reportedly the source of US$1.3 billion of total impact to (re)insurers from the NotPetya attack, 87 percent of which was considered silent exposure. These two major cyberattacks…
Toward a Science of Cyber Risk
A new article, The Science of Cyber Risk: A Research Agenda has just been published in Science. A free, non-paywall version of this paper is available here. Written by a diverse team of 19 authors, including myself, it presents a concise argument for interdisciplinary research, to establish a scientific basis for risk analysis and management in the cyber security domain. As a leading provider of cyber risk models for the (re)insurance…
Cyberterrorism: A Risk Assessment
Technological advances in communications, computing and computer networks are exposing new vulnerabilities that terrorist groups can exploit, making cyberterrorism a potential security concern. The media has extensively discussed this issue, invoking images of massive economic losses and even larger-scale loss of life from a cyberattack executed by a terrorist group. But just how real is the threat that cyberterrorism poses? Fortunately, the fear…
Standardized Cyber Exposure Data Schema
A data schema for a growing cyber insurance market. Cyber Insurance Exposure Data Schema v1.0
Cyber Risk Modeling and the Data Skeptics
Cyber modeling is growing up and is now more widely accepted by cyber insurers around the world. Despite the many advances that have improved the model over the past four years, some are still skeptical about cyber modeling, claiming that there’s insufficient data. We believe they’re wrong and that cyber modeling can be used effectively for managing exposure and underwriting. In this webinar, we will take a closer look at the extensive data capture conducted by…
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