Willis Re’s cyber portfolio management tool, PRISM-Re adds silent cyber
Willis Re, the reinsurance business of Willis Towers Watson, today announced it has upgraded its cyber risk portfolio modelling tool PRISM-Re to include silent cyber.
PRISM-Re was first launched by Willis Re in February 2015 and has since helped clients manage their cyber portfolios and estimate downside risk arising from a privacy breach, and network outage following a cyber-attack.
The update will offer the insurance market access to the stochastic modelling of cyber losses on a worldwide basis, arising from insurance policies not specifically designed to cover cyber risk.
The model incorporates the likelihood of a loss resulting from silent cyber and overlays this against 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.
Mark Synnott, global cyber practice leader at Willis Re said: “Silent cyber is a leading concern for the insurance industry at every level, including management, boards of directors, regulators and rating agencies. We are extremely proud to introduce a tool that provides a comprehensive assessment of an insurer’s exposure to cyber loss. In conjunction with our innovative reinsurance product, CAStL, the 2018 update of PRISM-Re allows our clients to quantify and protect their overall portfolios against cyber losses wherever they might arise.”
Jess Fung, head of cyber modelling, Willis Re said: “The addition of silent cyber to PRISM-Re represents another significant innovation by our highly skilled analytics team. 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. We believe it will further improve the ability of our clients to model and manage the large and growing cyber threats that we face.”