With aggregation of risk at the top of most cyber insurers’ minds, a new alliance between Guy Carpenter & Company, LLC, and the cybersecurity specialists at Symantec Corporation will aim to provide a risk model that measures frequency and severity of cyber events and the possible financial impact on not only cyber policies, but also traditional coverage with no cyber exclusions.
Guy Carpenter announced this week that it has launched a Cyber Solutions Specialty Practice, focused on cyber reinsurance. Symantec will provide analytics and cybersecurity expertise.
Both firms commented that cyber attacks carry the potential to cost organizations “as much as $400 billion a year” in the aggregate. Insurance industry observers have stated that teaming up with cybersecurity experts will allow the industry to get a better handle on the type of risks faced by businesses.
Read more at http://www.advisenltd.com/2016/05/23/guy-carpenter-symantec-team-up-to-model-cyber-risk-aggregation/
Erin Ayers, Guy Carpenter, Symantec team up to model cyber risk aggregation (May 23, 2016), available with subscription at Advisen Cyber Front Page News.
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