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Risk Management Solutions Inc. has release a cyber risk data model that it says will provide the insurance industry with a systemic and uniform way to capture cyber exposure data and manage cyber accumulation risk.
The Newark, California-based risk modeler said in a statement Tuesday the model was developed in collaboration with Cambridge, England-based Cambridge University's Centre for Risk Studies, along with the support of with eight insurers and reinsurers.
RMS said the model provides insurers and reinsurers “a standardized approach to identifying, quantifying and reporting cyber insurance exposure.”
RMS said in addition to offering a standardized approach, the model will report exposure aggregates by different types of coverage and potential loss characteristics; assess and monitor risk exposure appetite; and clarify silent or affirmative covers by identifying ambiguous policies.
“A standardized exposure data schema enables reporting and monitoring of exposure under different categories,” RMS said of the model, Cyber Insurance Exposure Data Schema v1.0.
“Establishing categories for exposure segmentation is a key objective of this schema design. Several markets have recently identified the need to adopt cyber exposure reporting standards, including the London market, (Lloyd's Market Association), U.S. rating agency guidelines, Reinsurance Association of America, Chief Risk Officers Forum, and others. This schema is intended to help with these processes,” said the report.
“Having a standardized way to capture cyber insurance exposures will provide a much-needed framework for the market to grow its cyber capacity safely,” RMS Senior Vice President Andrew Coburn said in the statement.
Lloyd's of London has developed a set of common core data requirements for cyber risks, it announced Tuesday.