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Currently, cyber risk models are in their infancy but a following the high profile breaches of 2014 a number of firms are working to develop more advanced models similar to those that predict hurricane and earthquake risks.

According to Andrew Coburn, Cambridge, England-based vice president of catastrophe research at Risk Management Solutions Inc, “the principles of cyber catastrophe modeling are similar to other catastrophe models, such as hurricane, but they are not spatial or geographical in impact.”

One of the biggest issues that modelers face is that unlike storm models, which have an abundance of publicly available data to draw from, cyber risk data is usually “held by private companies that do not divulge it or bury it in financial filings.” Business Insurance has the whole story.

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