Guy Carpenter, Symantec Team Up to Model Cyber Risk Aggregation

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.

Cyber Criminals are Going Corporate, Symantec Reveals

Taking a page out of the best-practices business books of their targets, advanced attackers show signs of corporate organization in order to more effectively hack into networks, according to Symantec’s latest Internet Security Report, which found that a new zero-day attack is discovered on average once a week, double the rate of a year ago.

“Advanced criminal attack groups now echo the skill sets of nation-state attackers. They have extensive resources and a highly skilled technical staff that operate with such efficiency that they maintain normal business hours and even take weekends and holidays off,” said Kevin Haley, director of Symantec Security Response.

Read more at http://www.advisenltd.com/2016/04/15/cyber-criminals-are-going-corporate-symantec-reveals/

Erin Ayers, Cyber criminals are going corporate, Symantec reveals (April 15, 2016), available with subscription at Advisen Cyber Front Page News.