Willis Towers Watson (WTW), a leading global advisory and broking firm, has launched its advanced Cyber Quantified model.
The firm has a strong reputation in providing strategic advice and solutions, ranging from risk, people, and capital issues, to clients in various industries around the world.
The necessity for the upgraded Cyber Quantified model arises from the increasing cyber threats, data loss, and extortion cases affecting businesses. WTW aims to counteract these urgent matters by providing a powerful tool that offers in-depth decision support and comprehensive analysis.
WTW operates primarily in the sphere of risk advice and insurance brokerage. Their expertise stretches across diverse fields, enabling them to offer strategic advice and holistic solutions to clients worldwide. One of their critical areas of focus has been the mitigation of cyber risks, addressing a rapidly evolving digital threat landscape.
The enhanced Cyber Quantified model provides companies with the ability to model network outage risk and data breach liability interactively. It incorporates a vast library of key cyber risk scenarios, aiding in a comprehensive analysis of potential threats.
The model showcases several significant advancements, including the ability to present a deeper level of cyber risk profiling. This feature allows companies to identify vulnerabilities and execute effective risk management strategies promptly. Furthermore, an improved methodology using cyber scenarios enables more accurate risk assessment and management. The extensive scenario library of approximately 100 options enables clients to undertake tailored scenario planning.
Additionally, the model can offer insights into financial costs associated with cyber risks, including cyber extortion. A new insurance tool feature also facilitates organisations in optimising their insurance coverage to match their risk profiles effectively.
Head of Risk & Analytics at WTW, Andy Smyth, highlighted the role of cyber risk in business operations. Smyth said, “The message from our recent D&O survey is clear; cyber is keeping global directors awake at night. Businesses up until recently haven’t had access to the tools needed to truly understand their cyber exposure and meaningfully fortify themselves.” He further emphasised that the new Cyber Quantified model empowers clients to make informed decisions and optimise their risk portfolios.
Glyn Thoms, head of FINEX GB Cyber & TMT, expressed enthusiasm about showcasing the enhanced Cyber Quantified model at Airmic, an event focusing on risk management and insurance. Thoms highlighted the urgency for organisations to understand their cyber exposures, especially considering the current estimated size of the cyber market at $11bn, projected to grow to $25bn by 2025.
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