RMS updates cyber underwriting application
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Catastrophe modeler Risk Management Solutions Inc. said Wednesday it has issued an update to its RMS Cyber Solutions Version 5.0 that includes a new cyber solutions underwriting application.
The Newark, California-based company said the application will allow users to efficiently price and select cyber risks without the need for large sets of in-house claims data.
It said the application models cyber risk by leveraging a multitude of scientific methods and integrating large datasets from the RMS Cyber Incident Database, which includes 100,000 data breach events, threat intelligence, dark web scanning, vulnerability management and “outside-in/cyber-hygiene scorers.”
RMS said it has also rolled out the latest iteration of its RMS Solutions Portfolio Management application, which helps insurers to understand the extent of previously unquantifiable cyber risks.
The company said the combination of the RMS pricing engine and portfolio management application is designed to drive consistency between a customer’s underwriting and portfolio management workflows.
