Cyber Risk Model Update
We’re taking it to the next level! As if it wasn’t enough to be considered for the best Cyber Risk Model award by Advisen, we’re now announcing the forthcoming release of an even more sophisticated cyber model.
Corax model 4.0 will be released in August and provides a major upgrade to our severity model for cyber risk.
This upgrade delivers the ability to gain deeper insight across Corax’s security and loss data on millions of interconnected companies worldwide.
Firstly, it provides new outputs tailored for the insurance community. Loss curves will be driven by Event Loss Tables (ELT) as well as Year Loss Tables (YLT). Users will be able to export and download these tables in .csv format for deeper internal analysis, as well as the ability to integrate loss curves with insurance lines outside of cyber.
Secondly, users will be able to see deeper insight into what specific types of events are triggering at different return periods – e.g. the vulnerabilities or third parties that are of more concern at the 1 in 100 return period – as well as a breakdown of loss cost by the following event types: First Party Business Interruption, Contingent Business Interruption, Malicious Data Compromise, Non-malicious Data Compromise.