American International Group Inc. on Tuesday announced a cyber benchmarking model that quantifies and scores policyholder cyber risk.
The model evaluates a policyholder’s cyber security maturity against 10 common attack patterns across 11 commonly used technology devices, AIG said in a statement. It incorporates security data such as current threat intelligence from multiple sources, effectiveness of an organization’s cyber controls, potential impact of a cyber breach on an organization, and insights gained from the thousands of cyber claims handled by AIG.
AIG cyber policyholders, who provide the required information, can receive a report detailing security scores, peer benchmarking, and key risk mitigation controls to help quantify cyber risk.
To further support its model, AIG said it is launching CyberMatics, a security approach created in partnership with two artificial intelligence cyber security companies: Sunnyvale, California-based CrowdStrike Inc. and Cambridge, England-based Darktrace Ltd.
CyberMatics verifies inputs into AIG’s model from policyholders’ cyber security tools, which provides greater confidence in underwriting information and ultimately allows for better tailored terms and conditions in cyber insurance policies, AIG said in the statement.
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