Verisk Analytics VRSK, a data analytics provider, announced that it has released the industry’s first global cyber exposure data standard. This standard will help create a uniform method for data transfer across the insurance value chain. Verisk’s catastrophe modeling business AIR Worldwide has also developed a preparer’s guide to assist companies in collecting and storing the necessary cyber exposure data in an open format suitable for modeling.
The Verisk cyber exposure data standard is the first step in the process of managing accumulations of cyber risk and will help create a uniform method for data transfer throughout the industry. Many of the fields are optional to provide flexibility for companies that collect different types of information or at different levels of detail. The AIR preparer’s guide will assist companies in collecting and storing the data. Many client organizations, including companies in the insurance, broker, and reinsurance industry, have reviewed the standard and provided valuable input.
Cyber risk has become the fastest-growing peril over the past year. The ability to analyze cyber risk accurately requires a full understanding of the cyber exposure data. It is imperative that companies capture this data in a common format that can be used by organizations across the insurance value chain. It is also crucial that the exposure data standard used today and in the future be robust enough for organizations to grow into.
In addition, AIR has developed an SQL implementation to allow organizations to begin to use the standard in their enterprises. In the coming months, AIR aims to provide SQL scripts that can be used for deterministic scenario analysis and accumulation analysis.
To view the preparer’s guide and data standard overview, please click here: http://airww.co/cyberdatastandard
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk Analytics VRSK business, is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.