DeNexus Inc, the provider of second-generation cyber risk modeling for industrial organizations, global (re)insurers and investors in insurance-linked securities has launched Version 5.3 of its DeRISK Platform.

DeRISK 5.3 is an evidence-based, data-driven cyber risk quantification and management tool that aims to help the risk transfer community better understand, mitigate and transfer the risks associated with cyber breaches.

DeNexus’ cloud-based technology extracts data directly from an industrial organization’s internal Operational Technology infrastructure, which increases the accuracy in determining the financial impact of a cyber event. This helps (re)insurers and ILS investors commit appropriate risk capacity and develop better solutions to cover cyber risk.

Jose M. Seara, DeNexus CEO, said: “Insurers, reinsurers and ILS investors need to have confidence in cyber data in the underwriting process, in order to create new cyber offerings with confidence.”

“The updates to the DeRISK platform were driven by the dynamic nature of cyber risks and give the risk transfer community the ability to better quantify and manage cyber risk exposures on a continuous basis.”

DeNexus’ approach is a response to the risk transfer sector’s need for clear visibility of cyber exposure, but also a view of that exposure as it evolves over time.

“DeNexus is the first ‘second-generation’ cyber modeller,” added Mr. Seara.

“First generation cyber modelers took a ‘one-size-fits-all’ approach to cyber risk. However, decisions on whether or not to set aside capital for a potential loss need credible data and bespoke models for a specific industry vertical that only second-generation cyber risk modelling can provide.

“The DeRISK platform focuses on industrial clients and provides the technology to understand the real risks associated with cyber breaches.”