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AIR Worldwide, a catastrophe risk modeling firm, recently announced that it was partnering with BitSight Technologies and Risk Based Security, two security risk and cyber data providers, to create an advanced cyber risk model.

According to MarketWatch, this model “will serve to help the insurance industry better manage the evolving threat of cyber attacks by incorporating into the model the most up-to-date and complete incident data, real-time security ratings of companies, exposure data, and supplier data in the ‘cyber supply chain.'”

AIR will be pulling massive amounts of information from BitSights internet sensors including “security ratings by industry, company size, and company headquarters location.” Risk Based Security will be supplying “historical incident data on more than 16,000 breaches…contain[ing] industry-specific details on threat vectors and vulnerabilities and data breach information on businesses, industries, and geographies.”

“In addition to probabilistic loss estimation, the AIR Cyber Risk Model will offer a set of deterministic scenarios that will allow companies to begin to truly understand their aggregated risk from large-scale cyber attacks,” reports MarketWatch.

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