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Verisk Launches Cyber Data Exchange

The Cyber Data Exchange Aggregates and Standardizes Industry Cyber Incident Data to Help Carriers and Insurance Professionals More Precisely Evaluate and Price Cyber Risks

Jersey City, N.J., October 24, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today the creation of its Cyber Data Exchange, an analytics solution that aggregates cyber insurance data to help insurers gain insights into the market and improve strategic decision making.

Without access to broad-based, credible, and relevant data, many insurers and professionals in the cyber insurance value chain face serious challenges in making well-informed, strategic decisions about their portfolios, individual policies, and even which coverages they can confidently offer.

Verisk’s Cyber Data Exchange looks to help insurers solve many of these challenges. The solution allows participating companies to contribute their data to the exchange, where it is aggregated, summarized, and developed into business intelligence and then returned to these companies through interactive dashboards. Verisk is seeking to broaden the solution further with a wide range of participants, including managing general agents (MGAs), insurers, reinsurers, and brokers. Several prominent cyber insurers are already committed to participate.

“The lack of credible quality cyber insurance data is a clear challenge for many insurers. Verisk is helping to solve this problem with the launch of its Cyber Data Exchange,” said Prashant Pai, vice president of cyber solutions at Verisk. “By aggregating anonymized industrywide cyber data and delivering actionable metrics and insights, we give companies information that can help them benchmark their portfolios, better understand which segments of business are most profitable, and enhance their internal analytics.”

The Cyber Data Exchange is the latest addition to Verisk’s cyber solutions suite, which includes:

  • Advanced cyber risk modeling that identifies aggregation risk sources and portfolio aggregation scenarios to estimate potential portfolio cyber losses
  • An InsurTech underwriting solution for issuing cyber policies with increased speed and precision
  • A fully developed nationwide insurance program with loss costs based on extensive historical data
  • Automated cyber rating updates that can be uploaded electronically into rating systems
  • Market analysis tools to help identify opportunities for expansion in the cyber insurance space
  • Independent third-party industry loss estimates for cyber risk and cyber catastrophe events

Verisk’s cyber solution suite is built on a best-in-class industry database that contains firmographic, technographic, and policy information on more than 12 million businesses.

About Verisk 
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com


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