Big Data is definitely a 21st Century buzzword, and as is the case with buzzwords they are used and misused in equal amounts. Wikipedia defines Big Data as: “an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process using on-hand data management tools or traditional data processing applications”. So depending on the scale of your data, and its complexity, you’re likely to be able to regard what we’re talking about as big data or certainly your organization’s path to understanding it. So what does that path look like?
A recent note sent out by the ratings agency Fitch will have been of some interest to cyber liability underwriters and, particularly, reinsurers whose concerns the press release specifically addressed. The press release, Insurers' Aggregation Risk on Cyber Claims in Check, explains that: “As insurers continue to improve and refine their understanding of cyber risks, Fitch expects the industry to broaden coverage and accept larger and potentially more threatening exposures.”