One Article Review
| Source |  Kovrr |
|---|---|
| Identifiant | 8393609 |
| Date de publication | 2020-11-17 00:00:00 (vue: 2023-10-10 07:25:35) |
| Titre | CRIMZONâ¢: The Data Behind the FrameworkA report that highlights a subset of the empirical validation for the CRIMZON⢠framework.Read More |
| Texte | âAbstract The CRIMZON⢠framework defines the minimal elements needed to provide a view of accumulated cyber risk. For natural catastrophe risk, individual policy exposures can be aggregated within geographic zones.Similarly, cyber exposures can be aggregated using CRIMZONâ¢. Location also holds importance when assessing cyber catastrophe risk, however, two additional elements must be taken into account to properly assess cyber risk accumulation: industry and company size. Insured companies with common characteristics related to location, industry, and entity size tend to be exposed to similar types of cyber events because these elements also correspond to technologies or service providers used. Based on an analysis of millions of cyber events in the last 20 years, Kovrr conducted extensive research, to serve as the core empirical validation for the CRIMZON framework. Below is a subset of the research, in which a study group of 120 CRIMZON was determined by selecting CRIMZON with the highest relevance to the cyber insurance market(he research group was compiled according to criteria detailed in (Appendix A) The total number of unique companies in the study group is 20,000, with an average number of 152 companies within a CRIMZON, and a median of 86 companies. The research criteria focused on companiesâ location industry, entity size, and the hosting and mail technology and service providers used by companies. The results showed a concentration of technologies and services when grouping by location, and further concentration when adding the additional elements of the CRIMZON, entity size and industry to the analysis. The research shows that companies within the same CRIMZON have the tendency to use the same service providers and technologies, and that different compositions of service providers and technologies can be found across CRIMZON. When trying to estimate accumulations of potential losses from cyber, insurance and reinsurance companies face two main challenges: identifying which policies are exposed to the same cyber events and determining how many policies will be affected at the same time. The former is related to the problem of enumerating all technologies and service providers each insured relies upon, the latter is equivalent to estimating the footprint of a cyber event. Analyzing accumulations by CRIMZON enables risk professionals to make sense of the size and extent of potential losses from cyber, without necessarily needing to collect detailed information about technologies and service providers for each insured. The framework is completely agnostic to the line of business, therefore unlocking a full range of possible applications across both silent and affirmative cyber coverages. Among these applications is the development of aggregate models. This research shows it is possible to estimate the two key ingredients needed for the development of industry loss curves, the hazard and the exposure, using the CRIMZON as the atomic unit of aggregation. By identifying the correlation across CRIMZON, an aggregate model can then be developed.âIntroduction - What are CRIMZONâ¢? The Cyber Risk Accumulation Zones (CRIMZONâ¢) framework defines the minimal elements needed to provide a view of aggregated cyber exposure. Kovrr launched CRIMZON during participation in the fourth cohort of the Lloydâs Lab, the insurance technology accelerator operated by Lloydâs of London. CRIMZON is an open framework created to facilitate better communication across players in the cyber insurance value chain. The framework allows users to overlay their data pertaining to loss, cyber attack frequency, as well as additional data onto the CRIMZON for additional insights of risk per zone and to detect correlations between different zones. The framework was created to support efforts for setting a standard for data collection for cyber risk management.The CRIMZON are composed of the following three elements:Location - country-level worldwide a |
| Envoyé | Oui |
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| Tags | Vulnerability Studies Cloud |
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| Notes | ★★★ |
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