Verizon to help develop data analytics capabilities for insurance industry

Verizon Enterprise Solutions will provide cybersecurity insights into a research programme that aims to develop data analytics capabilities for the insurance industry.

The programme, part of Nanyang Technological University’s (NTU) Cyber Risk Management Project (‘CyRiM’), will leverage the VERIS Community Database (VCDB) and Verizon’s risk management expertise.

The VCDB, which contains publicly available and anonymized breach data, is based on a global framework for recording and describing security incidents that Verizon created and manages for the development of its annual Data Breach Investigations Report series. Today, the VCDB includes more than 7,000 security incidents gleaned from real-life data breaches over a period of 12 years.

“The sharing of data breach information is not only vital in the fight against cybercrime but also in understanding how a breach can impact an organization’s reputation and operations,” said Rich Montgomery, group vice president at Verizon Enterprise Solutions. “Verizon is a strong advocate of the continued sharing of cybercrime information, as our VERIS community initiative demonstrates. We are pleased that our data is able to help Singapore’s ongoing initiatives in both Cybercrime prevention, and Fintech innovation.”

Launched in 2016, CyRiM, a public-private partnership project involving industry, academia and Government, is supported by the Monetary Authority of Singapore (MAS) and the Cyber Security Agency of Singapore (CSA), and will define and recommend advanced cyber risk protection and prevention policies to the Singapore Government.

Professor Shaun Wang, Director of NTU’s Insurance Risk and Finance Research Centre (IRFRC), added, “Getting access to real cybercrime data is a huge boon to the insurance industry. Calculating the cost and the impact of a breach is a complex task at best, and one that demands the availability of huge amounts of data if it is to be accurate. The VCDB dataset will enable us to create more accurate assessment tools and methodologies which will in turn allow for more accurate underwriting. We are happy to welcome Verizon to the CyRiM project. ” 

Although cyber insurance adoption rates remain at under 10%, the insurance industry is preparing for a sharp uptake of up to 40% by 2020.