Verisk rolls out cyber risk modeling platform

Verisk Analytics Inc. has released ARC (Analytics of Risk from Cyber), a cyber risk modeling platform, the data analytics provider said in a statement Wednesday.

ARC includes individual risk models, aggregation risk models and Verisk’s probabilistic systemic ransomware model, to help companies analyze systemic ransomware events by simulating aggregated losses from global-scale ransomware attacks, such as WannaCry and NotPetya, which both struck in 2017, the statement said.

The product is part of Verisk's Cyber Solutions Suite,  built on a database of information from more than 12 million businesses, the company said.

Clients can use ARC to look at the financial impact and understand potential losses across four cyber coverages triggered by these events: business interruption; data and asset recovery and remediation; cyber forensics/incident remediation; and extortion.

Economic loss from a major systemic ransomware attack can exceed $15 billion, Verisk said.

“Cyber risk is constantly evolving and growing, especially with the digital acceleration driven by the COVID-19 pandemic,” Prashant Pai, vice president of Verisk Cyber Solutions, said in the statement. “We, as the insurance industry, are recognizing that this growing risk impacts many of the cyber coverages — both affirmative and non-affirmative.”