One Article Review
| Source |  Kovrr |
|---|---|
| Identifiant | 8393603 |
| Date de publication | 2021-10-06 00:00:00 (vue: 2023-10-10 07:25:34) |
| Titre | Using CRIMZON⢠to assess cybersecurity hazards with an insurance portfolioThe CRIMZON⢠framework allows insurance carriers to gain insights into the hazard of cyber without needing to run external scans.Read More |
| Texte | In recent years, the rise to prominence of cyber risk, both as a peril and as a line of business, has created opportunities and threats to insurance companies in equal measure. Insurance executives, exposure managers and underwriters need now more than ever to understand, quantify and manage their exposures, in order to sustain profitability and to protect their balance sheets. By definition, cyber events occur due to vulnerable technology. It is therefore tempting to conclude that understanding these exposures requires knowing the full map of technologies and service providers an insured relies upon, including the granular details on how data is stored and accessed. The issue with this approach is that while this information is certainly valuable to assess the risk, it is challenging to obtain atscale due to the difficulties that arise from accessing and analyzing the data properly. Help in solving this dilemma is provided by using techniques to analyze the cyber footprint of an insured,mapping the technologies and service providers most exposed to the external world. The premise being that such analysis provides insurers with the same point of view of potential threat actors. It is fair to say this is currently the gold standard of cyber hazard analysis. Insurance carriers with large affirmative cyberbooks rely on external scans for underwriting as well as for portfolio management, often augmenting this data with information provided by the insured, mostly from third-party vendors. A direct relationship with the insured is the best way forward to understand their level of risk, however,itâs disingenuous to assume every stakeholder in the insurance industry is able to access the same level of data. Within the same company, portfolio managers often donât have access to the same level of details as underwriters, and across entities reinsurers rely on their clients passing on data, which requires overcoming hurdles around data confidentiality as well as technical limitations on data volumes.Moreover, external scans are expensive and might not be a viable option when cyber coverage is offered as an endorsement on other lines of business.Assessing hazard insured by insured is therefore not always possible and cannot be expected to be the only way. Kovrr has developed an open framework, CRIMZON, which allows insurance stakeholders to understand hazard without running expensive analysis tools and collecting only a minimum amount of data points. This framework is designed to answer basic questions on cyber risk accumulations and estimates of Probable Maximum Loss (PML). It allows full flexibility around the type of risk analyzed,whether the focus is ransomware or cyber liability, and is consistent and compatible with the catastrophe model methodology deployed in our probabilistic cyber risk quantification solution.âââMr. Hetul Patel, Advisor to Kovrr and Chief Actuary atLiberty Mutual Re said: âCRIMZON⢠are a novel way to address the very real need for better cyber risk aggregation.Recent events have clearly highlighted that cyber loss events canât be managed through the traditional tools that reinsurers currently use. CRIMZON have the potential to create a market standard, similar to the way cresta zones are used for natural catastrophe modelling. The use of which goes beyond aggregate and risk management, and into outward reinsurance purchasing and attracting third party capital.â ââGrouping Companies Together by CRIMZONâ¢Kovrrâs open framework Cyber Risk Accumulation Zones (CRIMZONâ¢) groups companies together based on three characteristics: industry, location and entity size. This framework for grouping is based on research that shows that companies sharing these characteristics tend to share cyber risks. Cyber attacks would then be more likely to spread through companies within the same CRIMZON rather than hitting companies randomly.For example, a cyber attack might b |
| Envoyé | Oui |
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| Tags | Ransomware Tool Threat |
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| Notes | ★★★ |
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