Insurers are facing something of a “perfect storm” at the moment. Amid the coronavirus pandemic, they have been hit with an increased frequency of ransomware events, longer periods of business interruption and larger extortion payments – prompting one reinsurance broker to attempt to come up with a solution.
Capsicum Re has now unveiled a modelling solution that can quickly quantify ransomware exposure threats. Known as Gh0st, it helps clients and markets quantify realistic scenarios so they can model probable maximum losses (PMLs) and attritional losses.
The solution has been developed in-house and sees clients input their affirmative cyber policies to extract all the first party costs of a widespread ransomware event. It includes several scenarios – such as the Lloyd’s ‘realistic disaster scenario’ of a one in 200 event, a host of historical ransomware strains, and customizable events that allow clients to enter a wide selection of parameters to define their own scenarios.
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