Security News > 2022 > July > Cyberinsurers looking for new risk assessment models

Due to these factors, organizations are searching for new methods of risk assessment to better evaluate the market for cyberinsurance, per Panaseer's "2022 Cyber Insurance Market Trends Report".

"The core exercise in assessing cyber risk for insurance purposes continues to be quantifying the probability and financial impact of cyber threats."

The good news, despite the monetary losses suffered by the top cyberinsurance providers, is that those in the industry believe that the existing risk models are sound.

Through this model, organizations would view enterprise cyber risk in totality and challenge and defend cyber risk decisions using an advanced risk model.

"The FAIR cyber risk quantification model was designed to provide visibility into the costs of cyber risk, information which should be at the heart of any insurance assessment or purchase," Graham said.

"In fact, organizations across the globe are already using FAIR to assess their cyber risk in practical terms, and making security decisions - including insurance coverage - based on the business terms delivered through FAIR assessments."

News URL

https://www.techrepublic.com/article/cyberinsurers-looking-for-new-risk-assessment-models/