DeNexus announces the launch of Version 5.3 of its DeRISK Platform to help improve cyber risk modelling capabilities for reinsurers and the insurance-linked securities (ILS) sectors.
DeRISK 5.3 is described as an evidence-based, data-driven cyber risk quantification and management tool that aims to help the risk transfer community better understand, mitigate and transfer the risks associated with cyber breaches.
DeNexus’ cloud-based technology extracts data directly from an industrial organisation’s internal Operational Technology infrastructure, which increases the accuracy in determining the financial impact of a cyber event, the company explains.
This helps re/insurers and ILS investors commit appropriate risk capacity and develop better solutions to cover cyber risk.
Jose M. Seara, Chief Executive Officer of DeNexus, commented: “Insurers, reinsurers and ILS investors need to have confidence in cyber data in the underwriting process, in order to create new cyber offerings with confidence,”
“The updates to the DeRISK platform were driven by the dynamic nature of cyber risks and give the risk transfer community the ability to better quantify and manage cyber risk exposures on a continuous basis.”
The DeRISK Version 5.3 includes five improvements. These include an enhanced portfolio builder – where underwriters can build portfolios for risk aggregation based on user-criteria; and a new project simulator -where a new ‘what-if’ scenario builder for Mitigation projects was created to enable industrial clients to run different ROI-based mitigation project simulations.
Other enhancements are new reports – users will now be able to customise reports to communicate the most meaningful risk indicators and trends for each stakeholder team.
Also, the platform’s Improved performance now has better algorithms for data processing that empowers the user to build portfolios with hundreds of individual risks while keeping risk assessments within minutes or hours.
Additionally, DeNexus Knowledge Center, DeNexus’ proprietary cyber database, keeps growing with evidence-based data, delivering more critical data and empowering the company to take an industry-wide view of the risk for certain industry verticals.
“DeNexus is the first ‘second-generation’ cyber modeller,” added Seara. “First generation cyber modelers took a ‘one-size-fits-all’ approach to cyber risk.
“However, decisions on whether or not to set aside capital for a potential loss need credible data and bespoke models for a specific industry vertical that only second-generation cyber risk modelling can provide. The DeRISK platform focuses on industrial clients and provides the technology to understand the real risks associated with cyber breaches.”
