Lloyd's launched into modeling cyber-risk insurance

Lloyd's starts a collaboration with three organizations specialized in risk modeling: AIR Worldwide, RMS and the Cambridge Centre of Risk Studies. This partnership aims to adopt a common standard model for managing cyber risks.

Developed by RMS, the "Cyber Exposure Data Schema" will serve as a basic tool for insurers and reinsurers. This model could encourage major market players to adopt a common approach to these risks and a better management of risk accumulation.