Singapore University taps Verizon’s cyber security knowhow

Nanyang Technological University will use the Veris Community Database in a research project to enable the development of more accurate cyber risk assessments. Called the Cyber Risk Management Project, the research initiative is spearheaded by NTU’s Insurance Risk and Finance Research Centre and supported by Singapore’s central bank and Cyber Security Agency. It has been tasked with strengthening the data analytics and cyber risk assessment capabilities of Singapore’s insurance industry. Shaun Wang, director at IRFRC said, “Getting access to real cyber-crime data is a huge boon to the insurance industry. 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.” Wang said Verizon’s Veris Community Database, which contains anonymised data on more than 7,000 security incidents, such as indicators of compromise and victim demographics, will enable researchers to create more accurate assessment tools and methodologies. This will allow for more accurate underwriting by insurance companies, which have traditionally assessed an organisation’s risk profile based on snapshots in time.