Global News - Lloyd's announces first-ever set of core data requirements for cyber insurance
Source: Asia Insurance Review | Mar 2016
A set of common core data requirements has been developed for cyber risks in a ground-breaking collaboration between Lloyd’s of London and catastrophe modelling firms AIR Worldwide (AIR) and RMS with the Cambridge Centre of Risk Studies. Both AIR and the RMS/Cambridge team have agreed to highlight common elements when they publish their data schemas, and more importantly, each has agreed to use similar terminology and precise definitions.
Mr Tom Bolt, Lloyd’s Director of Performance Management noted that with the growing importance of the risk class, quality standardised exposure data is critical for increased levels of insurance coverage and better risk modelling.
“Models for natural catastrophe risks are well developed in the (re)insurance industry and the data requirements are relatively standardised. But in comparison, models for cyber risks are still developing and need the industry to work collectively so that risk can accurately be calculated.”