OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Philip Rosace, senior solutions manager, Cyence, discusses how his company is taking cyber risk and putting it into dollars and probabilities. Click on http://www.ambest.com/v.asp?v=rosace617 to view the entire program.
“Cyence is a cyber risk modeling firm that bridges the gap between the cybersecurity world and the economic risk community,” said Rosace. “We have big data experts and software engineers, as well as cybersecurity experts. Between the hackers and the economic risk modelers, we are able to combine both sets of expertise to bridge the gap and put cyber into terms that people in the financial world understand, which is dollars.”
Rosace addressed the issue of the risk landscape, how it is always changing and is quite different from the traditional property/casualty risks. “We are dealing with an active adversary,” he said.
One of the tools Rosace uses to counteract that active adversary and build a cyber model is artificial intelligence.
“Since the threat is constantly changing, we are building our models and tuning them with machine learning algorithms and real event data, in order to understand what do the frequencies and severities look like,” said Rosace. “We actually have to continuously collect this data, which we use to tune the models. Over time, we start to get insights from these models that can then be used to go and drive new data exploration efforts. We have to make sure that our models are always in sync with these threats.”
Recent episodes of A.M.BestTV include:
- New Jersey Captive Sector Leaders Say Proximity Drives Growth: Attendees at the Captive Insurance Group New Jersey conference said the state has 23 captives and expects more because of the large number of businesses located in the region: http://www.ambest.com/v.asp?v=njcaptives617.
- Swiss Re's Olsen: Innovation Starts With Commitment at the Top: Jayne Olsen, head of digital and analytics, Americas, Swiss Re, said insurers' abilities to integrate new technologies and attract talent in large part are a function of senior leaders' commitment to innovation: http://www.ambest.com/v.asp?v=jolsen617.
- New Technology Adds Adjusting Speed and Reach, Diminishes Relationships: Attendees at the 2017 National Association of Independent Insurance Adjusters conference said new technology-enabled services are re-making the industry, aiding those who can leverage them and threatening old workflows and relationships: http://www.ambest.com/v.asp?v=naiia1617.
- Sell to Millennials in Ways They Want to Buy, Says Vantis Life CEO: Peter Tedone, president and chief executive officer, Vantis Life Insurance Company (Vantis Life), said the company is developing new ways to reach younger customers through the distribution channels that they prefer to be reached: http://www.ambest.com/v.asp?v=tedone617.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2017 by A.M. Best Company, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.