Willis Re upgrades cyber management tool
Willis Re, the reinsurance division of Willis Towers Watson, has unveiled its upgraded cyber risk portfolio modelling tool.
PRISM-Re was first released in February 2015 and, according to Willis Re, has become a vital tool for its clients, helping them to manage their cyber portfolios and estimate downside risk arising from privacy breach.
The update offers the market access to the modelling of cyber losses on a worldwide basis arising out of network outages, in addition to data privacy breach.
Mark Synnott, executive vice-president of Willis Re, said: “We are extremely proud of the unique work we have been doing with clients to help them better understand and manage their cyber exposures since the launch of PRISM-Re.
“Our commitment to developing leading-edge solutions has already delivered a highly effective and successful tool to meet a specific market need. The 2016 update further enhances our capabilities in the rapidly evolving cyber arena and we look forward to introducing it to our clients over the coming months as we roll it out across our global network via our client advocates.”
Alice Underwood, head of analytics Willis Re North America, added: “We’re excited about this important update to PRISM-Re, made possible through collaboration with our colleagues across Willis Towers Watson.
“Including network outage modelling is a significant new development for the market as a whole. We believe it will further empower our clients to model and manage risk in this growing segment.”
