“Lots of risk modeling is based upon data, and understanding that pattern of data and being able to build models from those trends,” said RMS’ Matt Harrison. (Photo: Billion Photos/Shutterstock)The rapid adoption of digital operations at the onset of COVID-19 stay-at-home orders resulted in explosive cybercriminal activity as businesses’ cyber exposures increased radically.
One analysis from Guidewire reported a 40% increase in ransomware attacks in the first three quarters of 2020 compared to the same period a year prior. Guidewire also found a 350% spike in phishing schemes.
One risk management lesson learned through this pandemic has been that the industry continues to face the very real potential for systemic risks and losses arising from a cyberattack. It follows that the need for risk models and other risk analysis tools has reached a critical level.
Data drives risk modeling
In late January, RMS announced new updates to RMS Cyber Solutions Version 5.0 to reflect the cyber risk landscape’s latest view. The updates incorporated the latest data to offer fresh insights to cyber underwriters and portfolio managers, who can “slice and dice” data to…
