Guy Carpenter & Company has formed a strategic alliance with Symantec Corporation, a cyber security company, to create a cyber aggregation model.
The companies said in a statement that the model will include a 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, which focuses on the development and delivery of innovative cyber reinsurance solutions, will spearhead this effort. Symantec is a new partner for Guy Carpenter.
“By combining Guy Carpenter's risk management and catastrophe modeling expertise with Symantec's technical knowledge and proprietary data, we are pioneering a cyber aggregation model to help reinsurers gain a better understanding of their correlated cyber risks and to manage and protect their capital in extreme cyber scenarios,” said Tim Gardner, the chief executive officer of U.S. operations at Guy Carpenter.
“Symantec's cyber security 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 cyber attacks,” said Roxane Divol, the senior vice president and general manager of website security at Symantec and the executive sponsor of Symantec's new cyber insurance group.
Learn more: http://www.gccapitalideas.com/; https://www.symantec.com/.