Global insurance and reinsurance broker Willis Towers Watson (WTW) has announced that Peter Foster has been appointed Chairman of Global FINEX Cyber and Cyber Risk Solutions.
He has been with the broker for more than 14 years and WTW says that he has been instrumental in the development of its global cyber capabilities.
“Our recent data highlighting the increasing number of firms losing considerable sums from cyber attacks demonstrates the need for robust cybersecurity solutions.
“Cyber risk continues to be a key component of our global strategy and we have built tremendous momentum and capability in this space through our fully integrated and holistic approach to all aspects of mitigating cyber risk,” said Foster.
Recent analysis from WTW and independent research ESI ThoughtLab shows that annual cyber losses reached an average of $4.7 million in the last fiscal year, with over one-in-ten companies facing a loss of more than $10 million.
“I am delighted to be leading such an experienced global team with the breadth of knowledge and depth that we harness globally,” said Foster.