DeNexus and ICMAT-CSIC to Collaborate on Industrial Cyber Risk Modeling & Risk Accumulation

DeNexus and the Institute of Mathematical Sciences (ICMAT-CSIC) announce a new research initiative for Cyber Risk Modeling. DeNexus’ Data and Modeling experts led by Romy Ramírez, and researchers from Institute of Mathematical Sciences (ICMAT) will join efforts and experience in the use of Applied Probability, Data Science, Machine Learning, Bayesian Statistics and Risk Analysis, for cyber risk modeling, risk quantification, forecasting and risk management decision support for the continuous evolution of DeNexus’ flagship product DeRISK.

The ICMAT team has been part of the CYBECO project funded by the European Union’s Horizon 2020 Research and Innovation program, aiming to support cyber insurance from a behavioral choice perspective. The researchers advanced beyond the state-of-the-art in several fields including cyber security, cyber insurance, and adversarial risk analysis.

With this collaboration, the DeNexus team will work closely with ICMAT researchers using the best the broad spectrum of evidence-based data and decision making, advanced analysis for individual and portfolio aggregated scenarios.

“Collaborating with the ICMAT team is exciting because it amplifies the possibilities of applying advanced Bayesian models and capturing the dynamic and volatile reality of cyber risk. We can maximize and make use of all the information available now and in the future.” - Romy Rodriguez-Ravines, Ph.D., Bayesian Modeling Specialist at DeNexus
“It is an honor to work with one of the most reputable Research entities in Europe, the Institute of Mathematical Sciences at the Spanish National Research Council. The wealth of expertise, rigor, and reputation that they bring to our R&D efforts is invaluable. I feel especially proud and lucky to have the opportunity to work with him and his team.” – Jose M. Seara, CEO at DeNexus
There’s quite a few cyber risk products around but DeRisk is truly unique in undertaking a rigorous and coherent yet actionable approach. We believe that our 30+ years of experience in risk analysis, decision analysis and Bayesian statistics will help DeNexus to get even more ahead of its competitors. We value this collaboration enormously and hope to grow together with DeNexus – Roi Naveiro, PhD and ICMAT team co-PI

Participants from the ICMAT research team include:

About DeNexus:

DeNexus is the leading provider of cyber risk modeling for industrial enterprises.

Our mission is to build the global standard for industrial cyber risk quantification. Our flagship platform, DeRISK, is the world’s first self-adaptive software platform that using evidence-based data predicts where and how breaches are likely to occur in unique client contexts, translating that information into dollars at risk. Fortune 500 companies, from power generation to manufacturing to other critical infrastructure, rely on DeNexus to understand their bespoke cybersecurity economics and optimize their risk-reduction ROI.


The Institute of Mathematical Sciences is a joint research center formed by the Spanish National Research Council (CSIC) and three universities in Madrid: UAM, UC3M and UCM. Its

main objective is the promotion of mathematical and interdisciplinary research. It is one of the Spanish centers of the Severo Ochoa program of the Spanish Ministry of Science and Innovation, which accredits the excellence of its scientific research project. Additionally, its researchers have obtained twelve prestigious grants from the European Research Council (ERC) in the categories ‘Starting’, ‘Consolidator’ and ‘Advanced’, a Permanent Chair of the AXA Research Fund and eight European Marie Curie Actions.