Oasis launches cyber open standards

Oasis, which curates the Open Data Standards on behalf of the in/reinsurance industry, has announced the release of the Open Exposure Data (OED) standard for cyber.

This OED standard was developed during 2022 by a working group consisting of some of the world’s largest cyber brokers and underwriters.

Dickie Whitaker, Oasis’s chief executive, said: “This truly is a collaborative effort, utilising the vast expertise across these companies to ensure that this standard really was developed ‘by the market for the market’ and highlighting the power of collaboration.”

Simon Heather, head of cyber catastrophe modelling at Gallagher Re, commented: “Over the years Gallagher Re has seen a progressive improvement in the accuracy and completeness of modelling data across the cyber market but there remains significant variation in the quantity and value of the data fields that each company chooses to collect and record.  

He added: “Gallagher Re supports the launch of the OED as it will provide a baseline for any company collecting cyber modelling data, bringing consistency to the transfer of information between the insurers and reinsurers. It will also raise the quality and transparency of data across both markets. which in turn can lead to the unlocking of additional capital”