Cyber risk is a dynamic, man-made peril that is evolving rapidly. The motivations of cyber attackers, their methods and the technological vulnerabilities they exploit are constantly in flux. Developing a robust, defensible view of cyber risk and allowing underwriters to properly select, differentiate, and price risk is a challenging task.
In September 2018, we first launched Account Manager. The launch was significant because it was the world's first cyber risk scoring application tailored to underwriters that provided unique inside-out data and necessary outside-in data, while existing solutions only focused on limited external information.
We've maintained a regular cadence of minor model updates to Account Manager over the past two years. Now, we’re updating the model releasing Version 2 (v2) as it is vital that our model reflects the current threat landscape. The main driver behind the update of Account Manager was around the provision of timely and transparent cyber risk insights for underwriters. This update gave us the opportunity to leverage best-in-class data and to allow our multidisciplinary analytics team to revamp the scoring algorithm underlying the product.
This new model update is centered around two major improvements that are essential: (1) to bolster our end users' trust in timely scores and signals and (2) to enable Account Manager to consume ever more company-specific data in order to continue to increase the relevance of scores.
Account Manager v2 now relies on a broader collection of signals, which will allow underwriters to access the most recent data available for risk selection and pricing.
The Account Manager Security Score methodology has been revamped to ensure it is anchored around a transparent and data-driven framework centered around cyber security controls. We’ve incorporated company-specific outside-in data into our scoring algorithm along with micro-segment based inside-out data which provides a 360-degree view of risk. In addition, we have also enhanced inside-out signals through the increase in resolution of micro-segment data.
Will there be an Account Manager Version 3? Absolutely, we're looking at continuous improvements for both the underlying cyber risk scoring engines and the application itself. We expect a regular cadence of updates based on market needs over the coming years.
Full details of the update can be found on our website at www.cybcube.com.