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Guy Carpenter & Co. L.L.C. said Tuesday that it had formed a strategic alliance with cyber security company Symantec Corp. to create a cyber aggregation model.
The model will include a comprehensive catalogue of cyber scenarios from which insurers can derive frequency and severity distributions to measure the potential financial impact of loss from both affirmative cyber coverages and “silent” all-risk policies where cyber is the peril, but no cyber exclusions exist.
Guy Carpenter’s cyber solutions specialty practice will spearhead this effort. Mountain View-California Symantec is a complementary new partner for Guy Carpenter. The model is being marketed to insurers and reinsurers.
“Symantec’s cybersecurity data and analytics, combined with Guy Carpenter’s deep knowledge of the emerging cyber reinsurance market, will give our insurance customers a better understanding of the most damaging cyberattacks,” said Roxane Divol, senior vice president and general manager of website security at Symantec and executive sponsor of Symantec’s new Cyber Insurance Group.
Cyber attacks are estimated to cost businesses as much as $400 billion a year, Guy Carpenter said in a news release, and the systemic nature of the risk means insurers and reinsurers can suffer losses from multiple policyholders across vast geographies from a single event, exposing infrastructure, supply chain, and other interconnected risks.
In the wake of the cyber attack on the Ukrainian power grid in late 2015, insurers and reinsurers are attempting to model and assess the aggregation risk of potential attacks on critical infrastructure, including electric grids, telecommunications networks, dams, transportation systems, chemical plants and civilian nuclear facilities, according to the news release.
However, limited historical data and the constantly evolving threat make it a challenging peril to model. The collaboration between Guy Carpenter and Symantec will leverage the analytics, cyber security knowledge, and combined scale and innovation of both companies, the news release said.
(Reuters) — Singapore's central bank has asked banks to maintain a high level of security for their critical IT systems following recent cyber attacks using the SWIFT financial messaging system.