Arx Nimbus (https://www.arxnimbus.com/), the leading provider of financially-literate Cybersecurity risk quantitative analysis via its' Thrivaca™ platform, has entered into a collaboration agreement with the University of Illinois I-Risk Lab (https://math.illinois.edu/illinois-risk-lab/home) to explore and define methodologies for actuarial science applications in measuring cybersecurity risk.
With this key partnership, Arx Nimbus will refine and position Thrivaca as the risk analytics platform for assessing enterprise cybersecurity risk in financial terms. The insurance industry has long struggled to understand the actual value of cybersecurity risk and properly underwrite cybersecurity policies.
The Agreement provides the core framework for the organizations to work together on teaching, research, technology transfer, exchange of faculty and students, and staff development, as well as joint educational and research activities, participation of personnel for research and discussions, access to advanced graduate and professional students for collaborative or independent research, and exchange of materials, models/methodologies, publications, and other information related to cyber security and actuarial science.
Runhuan Feng, director of the Actuarial Science Program in the Department of Mathematics, said: "The Illinois Risk Lab is built on the premise that innovative practical research stems from the understanding of emerging needs for new technology in the industry. Cyber risk is a new territory of academic research. We are glad that our research interests and expertise coalesce with Arx Nimbus on this critical topic."
R. David Moon, CEO of Arx Nimbus, said: “We are very enthusiastic about this new level of partnership with the world-class Actuarial Sciences team at The University of Illinois. Together we examine and develop the most effective and sophisticated of quantitative techniques, and apply them to the largest risk facing most organizations today. By advancing together the state of understanding of cybersecurity risk, we bring much more effective knowledge to bear for the better protection of individuals, enterprise and society from these growing threats.”The University of Illinois I-Risk Lab is established to facilitate the integration of discovery-based learning experience for students with state-of-the-art academic and practical research in all areas of Risk Analysis and Advanced Analytics. Under the leadership of Klara Buysse, an actuarial science faculty member with years of industrial experience, the I-Risk Lab has attracted multiple research consulting projects with corporate partners, engaging both faculty members, graduate and undergraduate students.
Arx Nimbus is a SaaS Software company that provides quantified analysis of cybersecurity defense, governance, compliance and risk reduction for organizations in every industry. Our mission and passion are to bring knowledge of cybersecurity risk to every enterprise worldwide. We combine deep experience in defense, logistics, financial services and technology sectors with exceptional academic credentials, equipped with comprehensive standards-based quantitative methodologies. Through its' Thrivaca product, Arx Nimbus provides independent insurance-grade analysis of available options in addressing cybersecurity threats, risks, vulnerabilities and capabilities.