Catastrophe modeler Risk Management Solutions Inc. said on Wednesday that it has released an update to its RMS Cyber Solutions version 5.0 that includes a new application for cyber solutions.
Newark, California-based company said the application allows users to efficiently price and select cyber risks without the need for large sets of internal damage data.
It is said that the application models cyber risks by utilizing a variety of scientific methods and integrating large amounts of data from the RMS Cyber Incident Database, which includes 100,000 data breach events, threat information, dark web search, vulnerability management and "outside / cyber hygiene snipers."
RMS said it has also launched the latest iteration of its RMS Solutions Portfolio Management application, which helps insurers understand the extent of previously unqualified cyber risks.
The company said that the combination of RMS pricing engine and portfolio management application is designed to create consistency between the customer's workflows for insurance guarantee and portfolio management.