Guidewire Software, a platform provider for property and casualty re/insurers, has updated its cyber risk management modelling solution Cyence.
Cyence, acquired by Guidewire in 2017, combines economic modelling, cybersecurity, machine learning and Internet scale data collection to help risk takers assess the financial impact of cyber threats.
This latest model update, the fourth of its kind, includes risk rating model enhancements, improved self-service capabilities, and the incorporation of claims data and new data sources.
Guidewire says this update expands the parameters of risk evaluation and enables enterprise risk managers efficiently report, better explain, and more accurately formulate capital decisions.
“Guidewire is at the forefront of cyber risk modeling, and we continue to evolve our data and models to enable insurers to more accurately underwrite and assess the latest cyber threats,” said George Ng, chief technology officer, Cyence Risk Analytics, Guidewire Software.
“Model 4 will be delivered with an enhanced level of transparency. Users will be able to dive deeper into the model to more easily identify modeled assumptions, allowing them to better explain cyber risk and events in dollars and probability.”
Paul Mang, general manager, Analytics and Data Services, Guidewire Software, added, “Cyence for Cyber Risk Management, Model 4, introduces exciting new capabilities for insurers.
“We believe it will help underwriters more confidently assess and price ransomware risks and provide portfolio managers with new insights as they manage their overall cyber exposures.”