AIR Worldwide [AIR] is the scientific leader and most respected provider of risk modeling software and consulting services.
AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government organizations rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and agricultural risk management.
AIR, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in Boston with additional offices in North America, Europe, and Asia.
AIR Cyber Risk Model
AIR is currently developing a cyber risk model utilizing a probabilistic approach based on historical data. With an ever increasing reliance on digital assets and the need to keep data private, businesses today face many challenges related to cyber risk, including preparing for potential losses. AIR’s model will help companies assess, understand, and manage their cyber risk. By making use of the best possible threat and vulnerability data, along with loss information from development partners, AIR’s model will enable users to develop a robust estimate of their potential cyber losses expressed in terms of AAL (average annual loss) and EP (exceedance probability). Model users will be able to analyze both individual accounts and portfolios, allowing them to evaluate potential aggregation risk.
AIR’s cyber risk model will initially allow companies to prepare for:
Loss of or damage to digital assets
Non-physical business interruption and extra expenses
Security and privacy breaches and liabilities
The representatives from AIR Worldwide to CRIF are Mark Banks, Business Development Executive, and Scott Stransky, Manager, Principal Scientist.
Mark Banks is a Business Development Executive in AIR’s London office. Mr. Banks is responsible for building and managing client partnerships in the UK and Europe.
Prior to joining AIR in 2012, he was responsible for Business Development at Intech Solutions (now Xuber), which specializes in technology for the insurance industry and supplies the London market with underwriting and aggregation systems. Before that, he worked for Lloyd’s brokers AON and Marsh.
He has been actively involved in a number of key London marketwide business process reform initiatives that have led to innovative changes in the ways business is conducted and processed in the London Market.