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Management system aids cyber risk reporting, modeling

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Risk Management Solutions Inc. on Tuesday said it has released its cyber accumulation management system.

The system includes a framework for cyber exposure reporting, a new software system, and a suite of cyber catastrophe scenarios for loss modeling, Newark, California-based RMS said in a statement.

The cyber accumulation management system was developed in collaboration with the Cambridge Center of Risk Studies in Cambridge, England, according to the statement.

“Our economy is undergoing a profound digital transformation, and cyber-related insurance has the potential to be a fundamental driver of growth for the global re/insurance industry. The global insurance industry has always played a crucial role in ensuring the resiliency of our economy, and the launch of the RMS Cyber Accumulation Management System is not only an important first step in furnishing our clients with the models and tools to safely grow capacity for this line of business, it also helps to create a fundamental opportunity for the industry to increase its relevance in a rapidly changing economy,” Hemant Shah, CEO and co-founder of RMS, said in the statement.

This launch is separate from Lloyd’s of London’s recent cyber standards announcement, according to an RMS spokesman.