Silent Cyber Risk Quantification
In addition to the underwriting risk related to cyber risk for affirmative cyber insurance policies, insurers face material cyber exposure across other policies that do not expressly exclude cyber risk. The UK Prudential Regulation Authority (PRA) now expects insurers to identify, measure, and manage affirmative and non-affirmative (silent) cyber risk exposure across all coverages. Increasing awareness and compliance-driven initiatives related to aggregate cyber exposure and the potential impact of cyber catastrophes has resulted in the search for advanced cyber risk models.
Insurers and reinsurers seeking to quantify their affirmative and non-affirmative cyber risk exposure on a policy, portfolio of policies, or enterprise-wide basis will benefit from the Silent Cyber Risk Quantification, powered by our patented X-Analytics cyber risk model. X-Analytics delivers the financial risk metrics that empower insurers to identify, measure, and manage their cyber-risk exposure in accordance with the PRA Supervisory Statement on cyber-insurance underwriting risk.
- Gain visibility into the probability of a cyberattack and expected loss related to cyber exposure.
- Empower stress testing and cyber-catastrophe analysis.
- Generate risk metrics with limited underwriting information.
- Facilitate brokering of silent cyber reinsurance and cyber risk reinsurance product development.