Specialist reinsurance broker Capsicum Re has announced the launch of Gh0st, a dedicated ransomware modelling solution.
The proprietary model is designed to help clients and markets quantify diverse and realistic ransomware scenarios and optimise their portfolios.
Gh0st allows clients to input all their affirmative cyber policies and extract a picture of exposure by explicitly modelling all the first party costs arising from a widespread ransomware event, such as business interruption or replacement of affected hardware from ‘bricking’.
“We believe our Gh0st ransomware model represents a powerful addition to our analytics
Armoury,” said Justyna Pikinska, Head of Analytics, Property and Specialty Lines, at Capsicum Re.
“It further enhances our ability to service clients, helping them to not only better
quantify cyber risk but also monitor their exposure to the specific, expanding threat of rapidly weaponised ransomware.”
Commenting on the in-house development and launch of Gh0st, Ian Newman, Capsicum Re’s Global Head of Cyber, added, “The rising frequency and scale of ransomware attacks poses a clear and present danger to the global insurance industry, which Gh0st addresses head on.
“By allowing clients to calibrate ransomware scenarios to their portfolio size and appetite, it’s a prime example of how our specialist analytics practice is taking proprietary knowledge, extensive market research and threat actor analysis and transforming them into practical solutions that address and inform insurers’ rising cyber exposure.”
Rupert Swallow, Capsicum Re CEO, commented, “Gh0st is yet another future-focused development for Capsicum Re’s award-winning cyber team.
“Amidst global warnings of businesses’ heightened vulnerability to cyber-attack due to the unprecedented switch to remote working, and Lloyd’s own increased scrutiny of cyber risk – by adding ransomware to its list of realistic disaster scenarios – innovative modelling solutions like this one are clearly needed.
“Thanks to our team’s hard work, Capsicum Re is able to deliver on what is a very real demand.”