Model Quality Overview
Model Development Controls, Testing, and Validation
Continuous Model Validation and Calibration for High-Quality Outputs
Importance of Cyber Risk Modeling Quality
Cybersecurity risk modeling is the process of creating a variety of potential risk scenarios due to an organization’s cyber activities, assessing the likelihood and severity of each, and then quantifying the potential impacts if the scenario occurs. Leveraging a robust model is key when creating cyber mitigation strategies, as simple approaches are likely to render inaccurate results that obscure vulnerabilities.
Model Testing Processes
To ensure the accuracy of Kovrr's cyber risk modeling data, inputs, and calculations, our team employs a top-down approach to testing our models. This process checks that the models generate realistic scenarios that an organization is likely to experience in the upcoming year so that executives can generate a risk management strategy that is reflective of the current risk environment.
Output Validation Approaches
Kovrr also applies model calculation testing and validation throughout the development process, which involves a series of automated tests to confirm that each aspect of the code has been implemented correctly.
Additionally, if a cyber risk modeling change is proposed, the change to operations is first codified in a specification and reviewed internally to ensure high-level accuracy.
Exclusive Loss and Data Intelligence
Kovrr has exclusive access to large-scale insurance intelligence loss data and offerings, capturing an extremely broad range of scenarios and impacts to ensure the accuracy and precision of an organization's risk forecasts. Moreover, Kovrr's cyber risk models have been validated and calibrated across 5 million companies, bolstering our models' outputs and data modeling capabilities.
Continuous CRQ Model Updates
Kovrr continuously validates and calibrates its cyber risk models, nurturing a CRQ environment that can react quickly to any developments within a rapidly evolving cyber risk landscape. Moreover, this pragmatic approach allows our risk modeling experts to maintain a high level of confidence in the results, equipping CISOs with the forecasts necessary for building an accurate risk management framework.
Kovrr’s Cyber Risk Model Quality Overview FAQs
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Start Prioritizing Model Quality in Cybersecurity Risk Management
Modeling cyber risks is a crucial component of developing a robust cyber risk mitigation strategy, but not all modeling processes are reliable. Contact one of Kovrr’s cyber risk modeling experts today to learn more about our robust approach.
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