A.M. BestTV: Cyber Risk Models Need to Account for Active Adversaries, Says Cyence Exec

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, Philip Rosace, senior solutions manager, Cyence, discusses how his company is taking cyber risk and putting it into dollars and probabilities. Click on http://www.ambest.com/v.asp?v=rosace617 to view the entire program.

“Cyence is a cyber risk modeling firm that bridges the gap between the cybersecurity world and the economic risk community,” said Rosace. “We have big data experts and software engineers, as well as cybersecurity experts. Between the hackers and the economic risk modelers, we are able to combine both sets of expertise to bridge the gap and put cyber into terms that people in the financial world understand, which is dollars.”

Rosace addressed the issue of the risk landscape, how it is always changing and is quite different from the traditional property/casualty risks. “We are dealing with an active adversary,” he said.

One of the tools Rosace uses to counteract that active adversary and build a cyber model is artificial intelligence.

“Since the threat is constantly changing, we are building our models and tuning them with machine learning algorithms and real event data, in order to understand what do the frequencies and severities look like,” said Rosace. “We actually have to continuously collect this data, which we use to tune the models. Over time, we start to get insights from these models that can then be used to go and drive new data exploration efforts. We have to make sure that our models are always in sync with these threats.”

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