WTW launches upgraded cyber modeling tool
WTW launches upgraded cyber modeling tool | Insurance Business America
Risk Management News
WTW launches upgraded cyber modeling tool
Updated version responds to risks facing directors and officers
Risk Management News
By
Mika Pangilinan
WTW has launched a new version of its Cyber Quantified modeling tool, which offers advanced capabilities for evaluating cyber loss potential and provides decision support for companies to optimise their risk management strategies effectively.
Introduced at Airmic 2023, the enhanced tool allows organisations to interactively model network outage risks and data breach liability, and integrates a comprehensive library of key cyber risk scenarios. It is available for clients to licence via WTW’s Risk IQ platform, with several new features:
Enhanced information: The cyber risk profile feature offers detailed insights into control objective strengths and weaknesses, providing organisations with in-depth information.
Improved methodologies: The updated modeling methodology leverages cyber scenarios to capture the evolving risk landscape more effectively, allowing for tailored financial damage assessments.
Extensive scenario library: With access to around 100 scenarios, clients can engage in scenario planning using bespoke and tailored analysis specific to their sector and requirements.
Financial cost insights: The tool includes categories that outline financial costs, encompassing areas such as cyber extortion.
New insurance tool: The integrated insurance tool offers better policy matching and provides additional metrics to compare different options.
The updated Cyber Quantified model comes in response to WTW’s Director & Officers Liability Cyber in Focus survey that was released recently.
In the survey, WTW found that cyberattack, data loss, and cyber extortion continue to be the most significant risks facing directors and officers, indicating the need for further support in quantifying cyber exposures for companies.
“The message from our recent D&O survey is clear; cyber is keeping global directors awake at night,” said Andy Smyth, head of risk & analytics at WTW. “Businesses up until recently haven’t had access to the tools needed to truly understand their cyber exposure and meaningfully fortify themselves. Cyber Quantified however is empowering clients to make better informed decisions and optimise their risk portfolios.”
“We are delighted to be showcasing Cyber Quantified at Airmic as we explore and discuss the stability of the cyber market during our business session,” added Glyn Thoms, head of FINEX GB cyber & TMT.
“The cyber market is currently estimated at US$11 billion, with a projected growth to US$25 billion in 2025. Never has it been so essential that organisations have visibility of their cyber exposures made possible by the innovative tools now available through and developed by WTW.”
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