Global advisory and broking firm, WTW, has announced the release of its enhanced Cyber Quantified model, designed to assist companies in evaluating cyber loss potential and optimising risk management strategies.
With the increasing prevalence of cyber attacks, data loss, and cyber extortion, WTW’s updated tool aims to provide decision support and comprehensive analysis to address these pressing concerns.
According to WTW’s recent Director & Officers Liability Cyber In Focus Survey, cyber attacks, data loss, and cyber extortion remain the top-ranked risks faced by directors and officers.
To meet this challenge, WTW undertook a thorough review of their proprietary Cyber Quantified modelling tool, enhancing its capabilities and expanding its features to better assist companies in quantifying their cyber exposures.
The new version of Cyber Quantified offers organisations the ability to interactively model network outage risk and data breach liability, incorporating a diverse library of key cyber risk scenarios.
The new model offers increased depth of information through a cyber risk profile feature, empowering companies to identify vulnerabilities and implement effective risk mitigation strategies.
Improved methodologies using cyber scenarios enable more accurate risk assessment and management. With an extensive scenario library of approximately 100 options, clients can undertake tailored scenario planning to address the diverse range of cyber threats they face.
The model also provides insight into financial costs, including cyber extortion, allowing companies to assess the potential impact of cyber risks and make informed decisions about risk transfer.
Additionally, a new insurance tool assists organisations in optimising their insurance coverage to align with their risk profiles effectively.
Andy Smyth, head of risk & analytics at WTW, emphasised the significance of cyber risk in the business landscape. He stated, “The message from our recent D&O survey is clear; cyber is keeping global directors awake at night. Businesses up until recently haven’t had access to the tools needed to truly understand their cyber exposure and meaningfully fortify themselves.”
Smyth further highlighted that Cyber Quantified empowers clients to make informed decisions and optimise their risk portfolios.
Glyn Thoms, head of FINEX GB cyber & TMT, expressed excitement about showcasing the enhanced Cyber Quantified model at Airmic, an event focusing on risk management and insurance.
Thoms emphasised the importance of organisations gaining visibility into their cyber exposures, especially considering the current estimated size of the cyber market at $11 billion, with a projected growth to $25 billion by 2025. The innovative tools developed by WTW provide essential insights for organisations to proactively manage cyber risks effectively.
