OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, two executives from Risk Management Solutions (RMS) – Elizabeth Foughty, director, professional services, and Gates Maus, analyst, consulting – discuss the elements that underpin the modeling firm's approach to analyzing cyber risk. Click on http://www.ambest.com/v.asp?v=cybermodel616 to view the entire program.
“RMS has developed a deterministic cyber model that has four key elements, which we've developed to help insurers manage their probable maximum loss and their accumulation risk,” said Foughty. “This includes five models that we've developed around different types of cyber threats like data breach or extortion. Furthermore, the linchpin of the cyber model is our exposure schema, which is an open source exposure schema and the first cyber exposure schema released. We worked closely with Lloyd's to develop the schema…. It really captures the critical drivers of cyber risk.”
“One of the first steps to managing risk is truly collating your exposure data. Specifically, this data schema has been created with cyber-specific data in mind,” added Maus. “We've used a lot of academic and publicly available data to create and parameterize this model. Understanding that data helps you understand your cyber risk.”
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