New WTW task force to address evolving cyber and crime risks
Broker WTW has formed a new cyber crime task force within its financial, executive and professional risks (FINEX) global practice to address emerging risks, coverage gaps, overlaps and pricing synergies.
Led by Emily Lowe, regional cyber leader for New England, and Colleen Kutner, US fidelity, the task force will consist of a diverse global team of industry and product experts dedicated to understanding the intricacies of cyber and crime insurance and the interplay between them.
WTW believes by approaching cyber and crime in a unified manner, clients will benefit from enhanced coverage which address gaps and overlaps, pricing synergies, leveraging carrier relationships and the ease of claims handling.
“ Willis Towers Watson recognised 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 at WTW.
Some of the objectives of the task force include tailoring traditional or alternative risk transfer solutions that align with client’s enterprise risk management objectives; identifying and advising on emerging risks relevant to financial institutions; and quantifying the exposure with a “first of its kind” integrative modelling tool to allow clients to align their risk transfer approaches with their key strategic measures.
Susan Finbow, global head of FINEX financial institutions at WTW, said: “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 behaviour.
“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.”
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