Reinsurance broker Guy Carpenter & Co. L.L.C. has started a cyber solutions specialty practice, the company said Thursday.
The New York-based practice will focus on the development and delivery of cyber reinsurance solutions to address the risks associated with cyber security, the broker said in a statement.
The practice, headed by co-leaders Jeremy Platt and Mike Brown, has already designed and launched a “cyber cat” product that responds to the systemic risks inherent in cyber portfolios, according to the statement.
“Rapidly developing computer technology and the unrelenting evolution of cyber risks presents one of the biggest challenges to the reinsurance sector today,” Mr. Platt said in the statement. “In fact, cyber attacks, along with technology failure, represent a greater threat than adverse weather, fire and social unrest combined.”