Singapore's Nanyang Technological University (NTU) Business School has joined forces with Verizon Enterprise Solutions to analyse and better understand economic and insurance loss experience by global insures from cybersecurity incidents.
NTU will create a new programme to develop data analytics capabilities for the insurance industry, according to a press statement by Verizon on 22 February 2017.
The programme will leverage the VERIS Community Database (VCDB) and Verizon's risk management expertise.
The VCBD, which contains publicly available and anonymised breach data, is based on a global framework for recording and describing security incidents that Verizon created. It also manages the development of its annual Data Breach Investigations Report series.
The research programme is part of NTU's Cyber Risk Management Project (CyRiM), a public-private partnership project involving industry, academia and government.
The CyRiM was launched in 2016, and supported by the Monetary Authority of Singapore (MAS) and the Cyber Security Agency (CSA) of Singapore. It will define and recommend advanced cyber risk protection and prevention policies to the Singapore government.
"The sharing of data breach information is not only vital in the fight against cybercrime, but also in understanding how a breach can impact an organisation's reputation and operations," said Rich Montgomery, Group Vice President, Verizon Enterprise Solutions.
"Getting access to real cybercrime data is a huge boon to the insurance industry," said Professor Shaun Wang, Director, NTU's Insurance Risk and Finance Research Centre (IRFRC). "Calculating the cost and the impact of a breach is a complex task at best, and one that demands the availability of huge amounts of data if it is to be accurate."
"The VCDB dataset will enable us to create more accurate assessment tools and methodologies which will in turn allow for more accurate underwriting," he added.