Dynamic security rating for cyber insurance products

A method for producing insurability ratings for a product or service, the method comprising:

• receiving, at a processor that is implemented at least in-part by electronic circuitry and coupled to a computer network, real-time data indicative of cyber attacks that are likely to diminish a value of the product or service;
• using the processor to process the real-time data to compute a real-time damage assessment associated with losses to the product or service due to occurrence of one or more cyber-attacks, the damage assessment computed using at least a likelihood of the occurrence of the one or more cyber attacks, a likelihood of success of the one or more cyber attacks, and a measure of severity of damage to the product of service as a result of the occurrence of the one or more cyber attacks;
• and
• using the processor to determine an insurability rating for the product or service that is usable for determination of an amount of insurance that sufficiently insures against the occurrence of the one or more cyber attacks, wherein the insurability rating is determined at least in-part based on the real-time damage assessment and is changeable in response to changes in the received real-time data.

A device, comprising:

• a processor implemented using electronic circuitry;
• and
• a memory comprising processor executable code, the processor executable code, when executed by the processor, causes the device or the components of the device to:
• receive real-time data indicative of cyber attacks that are likely to diminish a value of the product or service;
• process the real-time data to compute a real-time damage assessment associated with losses to the product or service due to occurrence of one or more cyber-attacks, the damage assessment computed using at least a likelihood of occurrence of one or more cyber attacks, a likelihood of success of the one or more cyber attacks, and a measure of severity of damage to the product of service as a result of the occurrence of the one or more cyber attacks;
• and
• determine an insurability rating for the product or service that is usable for determination of an amount of insurance that sufficiently insures against the occurrence of the one or more cyber attacks, wherein the insurability rating is determined at least in-part based on the real-time damage assessment and is changeable in response to changes in the received real-time data.

A device for generating insurability ratings for a product or service, comprising:

• a first input port coupled to a network communication channel to receive real-time data indicative of cyber attacks that are likely to diminish a value of the product or service;
• a damage assessment computation component that is implemented at least in-part using electronic circuits, the damage assessment computation component coupled to the first input port to receive the real-time data and compute a real-time damage assessment measure associated with losses to the product or service due to occurrence of one or more cyber-attacks, the damage assessment computed using at least a likelihood of occurrence of the one or more cyber attacks, a likelihood of success of the one or more cyber attacks, and a measure of severity of damage to the product of service as a result of the occurrence of the one or more cyber attack;
• and
• an insurability rating computation component that is implemented at least in-part using electronic circuits and coupled to the damage assessment computation component, the insurability rating computation component to receive the real-time damage indictor computed by the damage assessment computation component and to determine an insurability rating for the product or service that is usable for determination of an amount of insurance that sufficiently insures against the occurrence of the one or more cyber attacks, wherein the insurability rating is determined at least in-part based on the real-time damage assessment and is changeable in response to changes in the received real-time data.

A system for determining insurability rating of a service or product, comprising:

• a server device coupled to a computer network to receive real-time data indicative of cyber attacks that are likely to diminish a value of the product or service and to produce an insurance premium estimate based at least in-part on the received real-time data;
• a client device coupled the computer network to receive the insurance premium estimate produced by the server device, wherein:
• the server device uses the real-time data to compute a real-time damage assessment associated with losses to the product or service due to occurrence of one or more cyber-attacks, the damage assessment computed using at least a likelihood of occurrence of the one or more cyber attacks, a likelihood of success of the one or more cyber attacks, and a measure of severity of damage to the product of service as a result of the occurrence of the one or more cyber attacks, and
• the sever device determines an insurability rating for the product or service that is usable for determination of an amount of insurance that sufficiently insures against the occurrence of the one or more cyber attacks, the insurability rating determined at least in-part based on the real-time damage assessment and is changeable in response to changes in the received real-time data.