JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc., is partnering with academics at Stanford University, to build a comprehensive cyber breach data set, JLT announced late last week.
“We’re not just using data to see into the past, ” said Mike Giacobbe, Head of Analytics and Consulting at JLT Specialty USA. “By extrapolating around our specialty experience and leveraging Stanford’s research and collaboration leadership, we can have a far better view into what our clients need today, and tomorrow,” he said.
The cyber breach data set, constructed ground up from publicly available resources, will be a key tool used to enhance JLT’s Cyber Cost and Volatility Analysis Model.
The model considers many factors that contribute to the frequency and severity of cyber losses in the calculation of potential loss scenarios, including data breach, theft and fraud, bodily injury, data asset loss. cyber extortion, network interruption and property damage.
“We are excited about our collaboration with JLT in this project, and our anticipated ability to provide meaningful cyber event information to industry and policy makers, said George Triantis, Meyers Professor of Law at Stanford Law School and Faculty Co-Director of the Stanford Cyber Initiative. “The combination of JLT’s cyber experience with our research expertise will make for a superior data set that the community is seeking,”
In the risk-management community, Stanford is well known for its Securities Litigation Analytics project, a research platform used by industry professionals in the D&O liability space, and the Securities Class Action Clearinghouse, which provides basic information about securities class action cases and makes court documents freely available to the general public.
Stanford regularly hosts collaboration forums for participants to learn about emerging risk issues.
About Stanford Cyber Initiative
The Stanford Cyber Initiative produces research and frames debates about cyber-social systems, including the study of the development of global cyber-risk insurance markets. For further information, please visit its website at https://cyber.stanford.edu/
Source: JLT Specialty USA