Verisk unveils cyber underwriting reportPosted On: Jun. 14, 2019 1:21 PM CST
Verisk Analytics Inc. launched a cyber underwriting report aimed at helping insurers underwrite cyber risk, the data analytics firm said in a statement Friday.
The cyber underwriting report incorporates about 100,000 historical cyber events, machine learning, and modeling to provide estimates of the frequency and financial effects of potential cyber incidents, the statement said.
The report gives underwriters a cyber risk score for a company they are underwriting, a peer score to provide context, and a profile describing important business and technology characteristics, the statement said.
“With our new report, carriers, MGAs, brokers and reinsurers will be able to quickly access robust data and insights that can help them accelerate and refine their underwriting,” Prashant Pai, vice president of cyber solutions for Verisk, said in the statement.
The report utilizes information that includes firmographic data such as revenue and number of employees, incident data such as past claims and incidents, and technographic data such as web domain, cloud footprint and unpatched systems derived from both Verisk proprietary and third-party data to help identify the primary drivers of risk across industries, revenue bands and geographies, Mr. Pai wrote in an email to Business Insurance.