Kovrr released updates to its cyber risk model and platform. Kovrr has updated the event catalog based on research from new proprietary data sources to reflect changes in the cyber threat landscape, including an improved view of emerging risks, threat actors, attack methods, and ransomware and malware campaigns.
Additionally, the catalog includes a wider range of service provider events, taking into account important business criticality factors.
“We are pleased to introduce robust new features and capabilities for our model and platform, which will make it even easier for customers to underwrite, understand and manage the cyber risk in their portfolios,” said Shalom Bublil, chief product officer & co-founder of Kovrr.
“Kovrr continues to be a leader in applying machine learning to cyber risk aggregation and accumulation management by constantly observing attempts from threat actors and understanding their evolving techniques. These updates reinforce our commitment to clients and partners to provide the most accurate and transparent cyber risk models with the configurability into cost drivers and loss scenarios needed in this hardening market.”
In addition to the events catalog update, new platform improvements include:
- Trend analysis: (Re)insurers can analyze portfolio changes over time and instantly compare loss scenarios based on different model versions with no additional queries or scripts. Additionally, the Kovrr dashboard can identify drivers of change, making it easy to efficiently communicate changes in results with key stakeholders.
- Configurable cost components: Kovrr clients now have access to the highest level of configurability for cost drivers, allowing them to determine which clauses and costs are triggered under each of the coverages they offer. This is critical for combatting coverage variation, a significant roadblock to standardization in the cyber insurance market.
- SQL export: To promote further transparency for risk models, Kovrr’s Portfolio Exposure Management solution allows users to export exposure and results models in the SQL format, simplifying the ability to cross reference model output with outside sources for independent analysis.
“These updates explain why we entrust Kovrr with helping us manage our accumulated cyber risk exposure,” said Oscar Taboada, head of cyber at MAPFRE RE. “Their intuitive and transparent platform, based on a robust events catalog, allows us to improve our decision making by being able to easily isolate driving costs of a portfolio.”
Kovrr’s modeling framework is based on an extensive analysis of the characteristics of historical cyber risk events, including triggers, propagation, and impact. It leverages Kovrr’s proprietary event catalog with more than 100,000 synthetic events for loss simulation, which vary from cloud provider outage in a specific territory to distributed global ransomware attacks and other tail events.