Silent Cyber Included in Willis Re’s Cyber Risk Portfolio Modeling Tool PRISM-Re
Willis Re, the reinsurance enterprise of Willis Towers Watson, the worldwide advisory and broking firm, has upgraded its cyber danger portfolio modeling device PRISM-ReTM to incorporate “silent cyber.”
Willis Re defines “silent cyber” as potential cyber-related losses ensuing from insurance coverage insurance policies not particularly designed to cowl cyber danger – in trade segments reminiscent of property, different legal responsibility, auto and staff compensation.
First launched by Willis Re in February 2015, PRISM-Re is designed to assist shoppers handle their cyber portfolios and estimate draw back danger arising from privateness breach and community outage following a cyber assault, Willis Re mentioned in a press release.
The 2018 replace to PRISM-Re provides the insurance coverage market entry to the stochastic modeling of cyber losses on a worldwide foundation, arising from insurance coverage insurance policies not particularly designed to cowl cyber danger.
The newest model of the device helps insurers and reinsurance patrons extra successfully handle their cyber danger publicity throughout their complete portfolio of property and casualty enterprise, mentioned Willis Re.
The mannequin incorporates the chance of a loss ensuing from silent cyber and overlays this in opposition to client-specific non-cyber limits profiles and loss severity curves to generate a full loss distribution for silent cyber loss potential in isolation, or in conjunction with affirmative cyber loss.
“Silent cyber is a leading concern for the insurance industry at every level, including management, boards of directors, regulators and rating agencies,” mentioned Mark Synnott, Global Cyber Practice chief, Willis Re.
“Recent events have exacerbated the threat that cyber poses to insurers across their non-life portfolio…,” he added.
“Our model can now generate a full probabilistic frequency and severity loss distribution for silent cyber loss potential in isolation, or in conjunction with affirmative cyber and allows insurers to monitor changes in cyber exposure composition at different probability levels,” commented Jess Fung, head of Cyber Modeling, Willis Re.
“We believe it will further improve the ability of our clients to model and manage the large and growing cyber threats that we face,” he went on to say.
Source: Willis Re
Interested in Cyber Risk?
Get automated alerts for this subject.