I'm pleased to announce that Verisk Analytics 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's imperative that companies capture this data in a common format that can be used by organizations across the insurance value chain. It's also crucial that the exposure data standard used today and in the future be robust enough for organizations to grow into.
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