Exploring Cyber Accumulation Risk: Leveraging Mo...

Damini Mago November 12, 2024

As the cyber landscape continues to evolve, understanding and managing cyber accumulation risk has become increasingly critical.

With cyberattacks growing in sophistication and scale, organizations now face the challenge of mitigating not only individual attacks but also widespread, concurrent threats that may impair multiple systems or sectors simultaneously.

Beazley, Munich Re, and Gallagher Re have released a comprehensive whitepaper and model that delve into the cyber accumulation risk from extreme malware events.

Central to their approach is the MITRE ATT&CK framework, an industry-standard tool for classifying and understanding cyberattacks. This framework is also a pivotal element in Moody's Network Intrusion catastrophe event generation framework, which simulates events for contagious malware and data exfiltration perils.

This intersection of MITRE ATT&CK within the Moody's catastrophe event generation framework provides a robust understanding of cyber risk by mapping out not only the techniques attackers might take but also the impact these actions can have across an organization's network.

By leveraging the MITRE ATT&CK framework, Moody's Cyber Risk model can identify preferred Tactics, Techniques, and Procedures (TTPs) used by individual threat actors.

It also allows for the consideration of the various chains of TTPs that threat actors can use to move from gaining initial access to the MITRE impacts such as data manipulation, encryption, or destruction, and disk wiping, and ultimately the financial impacts including business interruption.

This approach demonstrates the culmination of Moody's and the industry's profound expertise and exhaustive research efforts to intricately simulate attack chains, offering a real-world glimpse into the methods attackers use and how those methods might evolve or escalate in a large-scale cyber event.

By identifying and classifying these TTPs, the model effectively pinpoints high-risk scenarios that could cause widespread impacts in today's interconnected digital landscape.

Using Moody's Event Catalog to Align with RDS

Designed to help clients navigate complex cyber risk landscapes, by selecting and filtering relevant scenarios from Moody's extensive event catalog and aligning these scenarios with the Realistic Disaster Scenarios (RDS) descriptions and parameters, Moody's offers clients a way to focus on specific, realistic events that pose genuine threats to their business operations.

Moody's comprehensive event set is a robust tool for exploring different cyber risk scenarios. It includes a vast array of unique scenarios for contagious malware events, offering a broad spectrum for analysis.

This allows Moody's to easily filter out events that closely resemble the RDS description, providing clients with tailored insights that align with their specific risk profile. Moody's identified more than a thousand unique events within its catalog that align with the RDS where clients can examine specific threat characteristics, initial access vectors, software families, assess infection rates and evaluate potential business interruption (BI) impacts.

This hands-on approach reflects Moody's commitment to transparently educating clients about our approach to modeling cyber risks.

In an era where cyber threats are continually evolving and becoming increasingly complex, a deep comprehension of potential risks is invaluable. By incorporating the insights from the whitepaper and utilizing Moody's sophisticated event catalog, clients are equipped with a comprehensive toolkit to navigate the intricate and ever-changing cyber risk environment.

Efforts like the release of this whitepaper demonstrate the remarkable collaboration within our industry to comprehend and efficiently handle catastrophic events. Moody's is dedicated to working alongside the industry and contributing to the comprehension of this intricate risk.

If you're interested in delving deeper into how our scenarios and insights can enhance your understanding of cyber risk accumulation and mapping with RDS scenarios, don't hesitate to get in touch with us for more information.

For Moody's clients, the analytical comparison between RDS and Moody's event catalog is readily accessible for download and review on Support Center.

We're here to help you navigate the evolving cyber risk landscape with confidence.

Damini Mago

Associate Director, Product - Cyber Modeling and Analytics

Damini is a Cyber Risk expert at Moody's leading product for cyber modeling and analytics. She has worked with the industry to understand, measure and manage their cyber risk. As a member of Moody's Cyber Product Strategy team, Damini leads in setting the product roadmap and drives the adoption of the catastrophe risk models and advancing the catastrophe risk modeling effort while working closely with the industry. Damini has an engineering background with years of experience in financial quantitative modeling and data science.

• #Realistic Disaster Scenarios
• #cyber accumulation risk
• #RDS
• #Beazley
• #Gallagher Re
• #Munich Re
• #cyber risk
• #malware