Guidewire Software, a property-casualty insurance software provider, has announced the launch of the fourth-generation model update (Model 4) for Guidewire Cyence for Cyber Risk Management, a cyber risk modeling product that includes a new event-modeling scenario that estimates the origin of losses resulting from a mass business interruption following a ransomware attack.
Ransomware attacks grew by 118% in the first quarter, according to Guidewire. Attackers are growing more advanced and selective in their attacks, looking for higher payouts from selected targets.
“Guidewire is at the forefront of cyber risk modeling, and we continue to evolve our data and models to enable insurers to more accurately underwrite and assess the latest cyber threats,” said George Ng, chief technology officer for Guidewire’s Cyence Risk Analytics. “Model 4 will be delivered with an enhanced level of transparency. Users will be able to dive deeper into the model to more easily identify modeled assumptions, allowing them to better explain cyber risk and events in dollars and probability.”
Model 4 also includes significant risk rating morel enhancements, improved self-service capabilities, and the incorporation of extensive claims data and new data sources, Guidewire said.
“Cyence for Cyber Risk Management, Model 4, introduces exciting new capabilities for insurers,” said Paul Mang, general manager of analytics and data services for Guidewire. “We believe it will help underwriters more confidently assess and price ransomware risks and provide portfolio managers with new insights as they manage their overall cyber exposures.”
