Cyber risk modelling provider Kovrr has launched the CRIMZON framework designed to help re/insurers measure and manage the impact of systemic cyber risk events.
Formerly named CRA-Zones, the Israeli-based firm said the tool expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment, trend analysis and event response.
Kovrr said the framework divides global regions into impact zones comprising location, the size of the entity and the industry type. Kovrr added it is based on research that demonstrated companies within the same location and industry often rely on the same technologies and third-party service providers leaving them exposed to similar cyber-attacks or failures.
The cyber risk modeller's co-founder and chief executive Yakir Golan told InsuranceERM the framework is particularly useful in this current cyber insurance climate “where ransomware is becoming its own pandemic”. He added insurers also “want to grow their cyber portfolios, but are fearful of how a single disaster could drive huge losses.”
Speaking to InsuranceERM, Golan revealed Kovrr is considering launches products targeting events response reporting services and enhanced cyber risk quantification capabilities for benchmarking within the next year.
Cyber security has been listed by 75% of insurance executives as a key external threat their companies are focused on addressing in 2021, according to a 2021 global priorities survey conducted by the International Insurance Society.
Kovrr is featured in InsuranceERM’s 2021-2022 Technology Guide, which features over 125 risk, capital and modelling technology tools for insurers from some 60 international vendors.
Kovrr and US cybersecurity ratings company BitSight also won cyber solution of the year in InsuranceERM’s 2021 Americas awards.
Companies:Kovrr
People:Yakir Golan