Reinsurance News

WTW and the University of Oxford collaborate on cyber risk research

10th September 2020 - Author: Luke Gallin

Global insurance and reinsurance broker, Willis Towers Watson (WTW), has partnered with the University of Oxford to develop research exploring three key areas of cyber security risk.

Specifically, Willis Research Network is set to engage with the University to examine increases in systemic risks; the nature of cyberattack resilience; and, the current risk landscape of AI-facilitated impersonation for fraudulent purposes.

The partnership between the two means that WTW clients can benefit from the research findings but also from sharing best practices across the industry. According to an announcement on the arrangement, the University’s research facility will lead to a robust, evidence-based set of conclusions and recommendations, relevant to both policymakers and corporations.

“We are delighted to be in partnership with the University of Oxford and it’s world class research facilities to investigate further the impact that cyber security risk has on an organisation’s risk profile,” said Peter Foster, Chairman of Global FINEX Cyber and Cyber Risk Solutions. “This unprecedented research project will enable us to provide an in-depth look into the implications of cyber security and to enhance existing solutions as well as advise our clients on how to mitigate this ongoing and ever-increasing risk factor.”

The first piece of research is expected to come later in 2020 with additional research in 2021.

Stuart Calam, Programme Director, Willis Research Network, WTW, said: “The work at the University of Oxford perfectly complements our existing partnerships and allows us to expand on our technology risk research themes which combine broad areas of understanding with niche areas of research reflecting the specialist knowledge typical in this field. We look forward to developing our relationship with the Cyber Security Centre further over the course of this work.

“The Willis Research Network has been industrial partners and Advisory Board members on the University of Oxford’s Cyber Security Centre for Doctoral Training since 2016 and continue to work to improve the understanding of risk for the benefits of our clients and wider industry.”

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