CyVaR users include:
- Individual public- and private-sector organizations, which use CyVaR to select, prioritize and stage security investments; to develop budgets; and to make risk transfer decisions (what needs to be covered, how much coverage).
- Professional services firms, which use CyVaR to provide the same set of services above to clients.
- Insurance brokers, who are using it to help create better cyber insurance outcomes for their customers—helping them select the right coverages in the right amount. In essence, a sales tool to differentiate them and (hopefully) sell more insurance.
- Insurance underwriters, who are using CyVaR to mitigate underwriting risk. “We anticipate that certain underwriters will extend discounts to clients that use CyVaR,” Itkin said.
For AIR Worldwide:
- The target users for the cyber models are the entire insurance value chain—from brokers to insurers and reinsurers to corporations themselves.
- AIR’s property models are also used by governments and other organizations such as the World Bank.