Data analytics provider Verisk has announced the creation and launch of its Cyber Data Exchange, designed to help insurers and reinsurers tackle some of the challenges surrounding cyber insurance.
The Cyber Data Exchange operates as an analytics solution that aggregates cyber insurance data in order to help re/insurers obtain more comprehensive insights into the cyber risk market, and ultimately make better strategic decisions.
Cyber exposure is an inherently unpredictable and complex risk to assess, and Verisk notes that without access to broad-based, credible and relevant data, re/insurers are often faced with challenges in making well-informed decisions, strategic decisions about their portfolios, and individual policies.
The firm’s new Cyber Data Exchange aims to address these challenges by allowing participating firms to add their data to the exchange, where it is then aggregated, summarised and developed into business intelligence, before being returned to members via interactive dashboards.
Verisk notes that so far, several prominent cyber insurers are already committed to participate, adding that it wants to expand the solution with a wide range of participants, including insurers, reinsurers, MGAs, and brokers.
Prashant Pai, Vice President of Cyber Solutions at Verisk, commented: “The lack of credible quality cyber insurance data is a clear challenge for many insurers. Verisk is helping to solve this problem with the launch of its Cyber Data Exchange.
“By aggregating anonymised industrywide cyber data and delivering actionable metrics and insights, we give companies information that can help them benchmark their portfolios, better understand which segments of business are most profitable, and enhance their internal analytics.”