WTW, a leading global advisory, broking, and solutions company (NASDAQ:WTW) today announces the launch of its updated Cyber Quantified model. This new version has the capability to evaluate cyber loss potential with decision support, ultimately helping companies to optimise their risk management strategies.
WTW’s recent Director & Officers Liability Cyber In Focus Survey highlighted that Cyber Attack, Data Loss & Cyber Extortion remain the top ranked risks facing Director’s and Officers. In response, WTW reviewed and updated their proprietary Cyber Quantified modelling tool to further support and help companies quantify their cyber exposures.
Cyber Quantified now allows organisations to interactively model network outage risk and data breach liability as well as integrate a library of key cyber risk scenarios.
Available for clients to licence via WTW’s Risk IQ platform, new features now provide:
- Increased depth of information: a cyber risk profile feature which provides extensive information on control objective strengths and weaknesses
- Improved methodologies: a modelling methodology that uses cyber scenarios to better capture the changing risk landscape and tailor the financial damages caused by an incident to a company’s operations
- An extensive scenario library: ~100 scenarios enabling clients to undertake scenario planning using bespoke and tailored analysis appropriate for them and their sector
- Insight into financial costs: Categories detailing financial costs including cyber extortion (i.e. ransom)
- A new insurance tool: Incorporates a tool which better matches current policies and contains more metrics to compare options.
Andy Smyth, head of risk & analytics, said: “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. Cyber Quantified however is empowering clients to make better informed decisions and optimise their risk portfolios.”
Glyn Thoms, head of FINEX GB cyber & TMT, said: “We are delighted to be showcasing Cyber Quantified at Airmic as we explore and discuss the stability of the cyber market during our business session. The cyber market is currently estimated at $11bn, with a projected growth to $25bn in 2025. Never has it been so essential that organisations have visibility of their cyber exposures made possible by the innovative tools now available through and developed by WTW.”
The Directors’ and Officers’ Liability Survey 2023 can be downloaded here.