Capsicum Re unveils ransomware modelling solution

Capsicum Re has launched a ransomware modelling solution called Gh0st to help clients and markets quantify diverse and realistic ransomware scenarios.

Capsicum Re said insurers face a perfect storm of increasingly frequent ransomware events, coupled with larger extortion payments and longer periods of business interruption. Gh0st responds by allowing clients to model portfolio aggregation probable maximum losses and attritional losses, and to analyse historical ransomware strains.

Gh0st was developed in-house by Capsicum Re’s cyber analysts and actuaries. Clients can input their affirmative cyber policies and extract a true picture of exposure by explicitly modelling all the first party costs arising from a widespread ransomware event.

Justyna Pikinska, head of analytics, property and specialty lines, at Capsicum Re, said: “[Gh0st] further enhances our ability to service clients, helping them to not only better quantify cyber risk but also monitor their exposure to the specific, expanding threat of rapidly weaponised ransomware.”

Ian Newman, Capsicum Re’s global head of cyber, said increasingly frequent ransomware attacks pose a clear and present danger to the global insurance industry.

“By allowing clients to calibrate ransomware scenarios to their portfolio size and appetite, it’s a prime example of how our specialist analytics practice is taking proprietary knowledge, extensive market research and threat actor analysis and transforming them into practical solutions that address and inform insurers’ rising cyber exposure,” Newman said.