New AIG Cyber Model to Evaluate, Score Client Cyber Risk
American International Group, Inc. has launched a brand new cyber benchmarking mannequin that quantifies and scores consumer cyber danger.
The AIG mannequin evaluates a consumer’s cyber safety maturity towards 10 widespread assault patterns throughout 11 generally used know-how units. The mannequin incorporates important safety information, equivalent to present risk intelligence from a number of sources, effectiveness of a company’s cyber controls, potential influence of a cyber breach on a company, and insights gained from the hundreds of cyber claims dealt with by AIG.
AIG cyber shoppers, who present the required data, can obtain a report detailing safety scores, peer benchmarking, and key danger mitigation controls to assist quantify cyber danger.
“We developed the model based on historical insights and patterns of how companies experience cyber breaches – the points of entry and the types of attacks and vulnerabilities seen in the vast majority of cyber breach scenarios,” says Tracie Grella, Head of Cyber Risk Insurance, AIG. “Companies have been demanding a way to benchmark their cyber maturity against these known cyber risks to quantify what they are up against and where they stand.”
To additional assist its mannequin, AIG is launching CyberMatics, a patent pending safety method with cyber safety corporations CrowdStrike and Darktrace. CyberMatics verifies inputs into AIG’s mannequin from shoppers’ cyber safety instruments. The firm mentioned it will permit higher confidence in underwriting data, and permit for higher tailor-made phrases and situations in cyber insurance coverage insurance policies.
“As an insurer, we gain a better understanding of the level of risk we are taking on with each client so we can react accordingly,” mentioned Grella.
AIG’s Cyber Risk consultants, a part of AIG Client Risk Solutions, can work with shoppers to act on danger scoring and consider information for system vulnerabilities and damaging danger tendencies.
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