Verisk Analytics Inc. has released ARC (Analytics of Risk from Cyber), a platform for cyber risk modeling, the data analytics provider said in a statement on Wednesday.
ARC includes individual risk models, aggregation risk models, and Verisk's probabilistic system ransomware model, to help companies analyze systemic ransomware events by simulating aggregate losses from global-scale ransomware attacks, such as WannaCry and NotPetya, which both hit 2017 , said the statement.
The product is part of Verisk's Cyber Solutions Suite, built on a database containing information from more than 12 million companies, the company said.
Customers can use ARC to look at the economic impact and understand potential losses across four cyber-coverage triggered by these events: business outages; recovery and remediation of data and assets; forensic / forensic science; and extortion.
Financial loss from a major systemic ransomware attack could exceed $ 1
"Cyber risk is constantly evolving and growing, especially with the digital acceleration driven by the COVID-19 pandemic," Prashant Pai, Vice President of Verisk Cyber Solutions, said in the statement. "We as the insurance industry realize that this growing risk affects many of the cyber coverage – both affirmatively and non-affirmatively."