New York, NY – October 1, 2018 – Advisen announced today that its Cyber Loss Data has surpassed the 100,000 milestone of documented cases to support the dramatic expansion of the cyber insurance marketplace. Insurers, reinsurers, brokers, cyber modeling firms, and other corporations utilize Advisen’s Cyber database for several key use cases, such as parameterizing cyber risk models, pricing, underwriting, aggregation/accumulation, risk-based capital calculations, and new product development.
“Advisen reaching 100,000 cyber loss records is an important milestone in the accumulation of data that is improving overall industry risk assessment, modeling, and underwriting,” said Robert Parisi, Cyber Product Leader, Marsh. “Advisen’s Cyber Loss database continues to be an important component of our proprietary data breach modeling tool, Cyber IDEAL, and the ongoing expansion of the dataset will further strengthen our projections about the financial impact of a potential data breach for our clients.”
Advisen’s proprietary Cyber Loss database includes detailed records of cyber loss events extracted from publicly verifiable sources. The 100,000 Cyber cases include 75,000 Cyber Events – each of which is assigned a category of loss and features affected counts and other key variables.
Reflecting the global expansion of cyber threats, the growth of Advisen’s Cyber Loss database has accelerated over the last five years. Advisen’s team of dedicated cyber researchers utilizes a vast array of data sources and applies a rigorous quality-assurance process to ensure the consistency and provenance of this database. Each record is matched to a specific company, so that clients can consider demographic and financial information associated with the company.
Dan Trueman, Chief Innovation Officer and Cyber Unit Head at Axis Capital, summarized, “Analyzing data at scale is everything in a developing market like cyber. Advisen has given us both scale and the ability to unpack the data in multiple ways so we can turn data to information and information to insight.”
“Quality data is critical to the growth of the cyber insurance industry,” added Jake Olcott, Vice President – Strategic Partnerships, BitSight Technologies. “BitSight is appreciative for our partnership with Advisen, and we applaud this milestone.”
“This important 100K milestone reflects Advisen’s dedication to building and maintaining a world-class set of data. Our clients continue to benefit as our cyber loss data grows deeper and supports more informed analytics of loss costs and drivers,” said Jim Blinn, EVP, Client Solutions at Advisen.
Learn more about Advisen’s Cyber Loss Data and request a time to speak with one of Advisen’s cyber experts.
About Advisen Ltd.
Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. Visit www.advisenltd.com to learn more.
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