Catastrophe modeller AIR Worldwide has released a comprehensive cyber-risk modelling application for insurance and reinsurance markets.

The model can evaluate any commercial policy, measure and monitor cyber risk within a portfolio, and estimate insured cyber losses.

“Insurers typically have very little information about the cyber-risk characteristics of the companies they insure and instead rely on a crude market-share approach,” Assistant VP and Principal Scientist Scott Stransky said.

“[The model] takes advantage of the detailed information AIR has compiled on companies to help insurers identify their sources of aggregation risk and to determine with greater certainty which of their insureds would be affected by various aggregation scenarios.”