Re/insurance broker WTW has announced the formation of its CyberCrime task force within its Financial, Executive and Professional Risks (FINEX) global practice.
The objectives of the task force include tailoring traditional or alternative risk transfer solutions for client’s enterprise risk management objectives, as well as identifying and advising on emerging risks relevant to financial institutions.
The task force will also engage with commercial insurers, market a cybercrime form, and work to quantify exposure using an integrative modeling tool.
Consisting of a global team of industry experts, it will by led by Emily Lowe, who currently serves as Regional Cyber Leader for New England, and Colleen Kutner, US Fidelity.
“Willis Towers Watson recognized long ago the potential overlap of cyber and crime risks and the benefits of addressing these risks holistically within our clients’ insurance portfolios,” said Peter Foster, Head of Global FINEX Cyber and Cyber Risk Solutions, WTW.
“Although cyber and crime specialists within our global FINEX organization have been collaborating for some time, the formation of the group underscores the importance of this initiative.”
Susan Finbow, Global Head of FINEX Financial Institutions, WTW, also commented: “Insurance contracts can be quickly outpaced by evolving operational risks, rapid advancements in technology, and cyber criminals finding innovative ways to exploit weaknesses in technology infrastructure and human behavior.”
“Our FINEX CyberCrime task force brings together our very best technical product, industry and modelling experts to help our clients take a holistic view to their evolving Cyber and Crime risks.”