SINGAPORE, Feb. 22, 2017 /PRNewswire/ -- Verizon Enterprise
Solutions and Nanyang Technology University's (NTU) Business School
are joining forces to analyze and better understand economic and
insurance loss experienced by global insurers from cybersecurity
incidents.
Leveraging the VERIS Community Database (VCDB) and Verizon's
risk management expertise, NTU will create a new programme that
will develop data analytics capabilities for the insurance
industry. The VCDB, which contains publicly available and
anonymized breach data, is based on a global framework for
recording and describing security incidents that Verizon created
and manages for the development of its annual Data Breach
Investigations Report series.
Today, the VCDB includes more than 7,000 security incidents
gleaned from real-life data breaches over a period of 12 years.
The research programme is part of NTU's Cyber Risk Management
Project ('CyRiM'), a public-private partnership project involving
industry, academia and Government. Launched in 2016, CyRiM is
supported by the Monetary Authority of Singapore (MAS) and the
Cyber Security Agency of Singapore (CSA), and 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 organization's reputation and operations," said
Rich Montgomery, group vice
president at Verizon Enterprise Solutions. "Verizon is a strong
advocate of the continued sharing of cybercrime information, as our
VERIS community initiative demonstrates. We are pleased that our
data is able to help Singapore's
ongoing initiatives in both Cybercrime prevention, and Fintech
innovation."
Although cyber insurance adoption rates remain at under 10%, the
insurance industry is preparing for a sharp uptake of up to 40% by
2020.
Professor Shaun Wang, Director of
NTU's Insurance Risk and Finance Research Centre (IRFRC), added,
"Getting access to real cybercrime 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. The VCDB dataset will
enable us to create more accurate assessment tools and
methodologies which will in turn allow for more accurate
underwriting. We are happy to welcome Verizon to the CyRiM
project."
Verizon is a leader in delivering global managed security
solutions to enterprises in the financial services, retail,
government, technology, healthcare, manufacturing, and energy and
transportation sectors. Verizon combines powerful intelligence and
analytics with an expansive breadth of professional and managed
services, including customizable advanced security operations and
managed threat protection services, next-generation commercial
technology monitoring and analytics, rapid incident response, and
forensics investigations and identity management. Verizon brings
the strength and expert knowledge of more than 550 consultants
across the globe to proactively reduce security threats and lower
information risks to organizations.
Verizon's "2016 Data Breach Investigations Report" analyzes more
than 2,260 confirmed data breaches and more than 100,000 reported
security incidents. Verizon is among 67 global organizations that
contributed data and analysis to the report. For ongoing security
insight and analysis from some of the world's most distinguished
security researchers, read the Verizon Security Blog.
About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, has a diverse
workforce of 160,900 and generated nearly $126 billion in 2016 revenues. Verizon operates
America's most reliable wireless network, with 114.2 million retail
connections nationwide. The company also provides communications
and entertainment services over mobile broadband and the nation's
premier all-fiber network, and delivers integrated business
solutions to customers worldwide.
Verizon's Online News Center: News releases, feature stories,
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About Nanyang Technological
University, Singapore
A research-intensive public university, Nanyang Technological University, Singapore (NTU Singapore) has 33,000
undergraduate and postgraduate students in the colleges of
Engineering, Business, Science, Humanities, Arts, & Social
Sciences, and its Interdisciplinary Graduate School. It has a joint
medical school, the Lee Kong Chian School of Medicine, set up with
Imperial College London.
NTU Singapore is also home to world-class autonomous institutes
– the National Institute of Education, S Rajaratnam School of
International Studies, Earth Observatory of Singapore, and Singapore Centre on
Environmental Life Sciences Engineering – and various leading
research centres such as the Nanyang Environment & Water
Research Institute (NEWRI), Energy Research Institute @ NTU (ERI@N)
and the Institute on Asian Consumer Insight (ACI).
Ranked 13th in the world, NTU Singapore has also been ranked the
world's top young university for the last two years running. The
University's main campus has been named one of the Top 15 Most
Beautiful in the World. NTU also has a campus in Novena,
Singapore's medical district. For
more information, visit www.ntu.edu.sg
Media contact:
Nilesh
Pritam
Verizon Asia-Pacific
+65.9277.9048
nilesh.pritam@intl.verizon.com
Twitter: @Nilesh_pritam
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SOURCE Verizon