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UK: Businesses Don't Believe They Are At Risk Of Cyber Crime

Research* from Aviva shows more than 2 in 5 (44%) businesses believe they are unlikely to be a target for cyber crime, with almost a quarter admitting that whilst they are worried they are not sure what to do to protect themselves and 8% haven’t thought about the risk at all.

In fact, just a quarter of businesses (24%) are taking steps to protect themselves from being the victim of a cyber attack despite the Office for National Statistics revealing that there were 2.5million incidents of cyber crime** just between May and August of this year.

When asked which types of cyber crime they had heard of Aviva’s SME Pulse survey found the top answers were 77% phishing, 69% identity theft and 66% hacking. Less than half of businesses surveyed were aware of ransom demands (43%) being made to them by criminals to get  information or access back, pharming (46%) where internet users are directed to a bogus website mocked up to look like a genuine one, or cyber attacks that prevent access to  a business’ systems (38%) and yet, these are also real threats to online safety.

When asked if they would know what to do if they became a victim of cyber crime more than a third (34%) admitted they didn’t and more than a quarter (27%) were not sure.

Angus Eaton, MD of commercial lines at Aviva, said: “As we know from the media stories recently there have been a number of high profile attacks where business systems have been hacked or systems disabled however it is a mistake to think criminals will only target big business.

“These criminals operate in ever more sophisticated ways using malious codes to search out vulnerabilities online so anyone could become a target. Protecting your business from cyber crime is good business because your customers want the reassurance  that their data is safe in your hands. If you haven’t done so already now is the time to put cyber risk on your agenda and take action to help prevent your business becoming a target.”

More than a third of  business owners said they had been the victim of cyber crimes such as hacking, phishing and pharming, with three quarters of those businesses estimating the recovery outlay cost their business up to £1,000 – for 6% it was up to £5,000 and for 4% it was up to £10,000. For more than a quarter of those victims of cyber crime the costs related to loss of money and the same figure for the fixing the problem. After that costs were incurred for reputational damage (11%), loss of assets or intellectual property (10%) and payment of ransom demands (7%).

Aviva has put together a list of ways to keep safe online:

  • Encrypt your data – this means that only the other computer you are sending information to can decode the message you are sending
  • Have a security process in place to promote safe computing in the workplace, so for example, don’t open suspect emails or attachments
  • Make sure all data systems have passwords and change them at least quarterly.
  • Make sure those passwords are at least 8 characters long and a combination of letters, numbers and symbols and don’t encourage sharing of passwords with anyone.
  • Make sure firewalls and antivirus software are all active and up-to-date.
  • Back up your data regularly and keep copies away from work premises.
  • Make sure you have an incident response plan in place to help you understand what you need to do in the event of a breach/cyber attack – for example, who would you contact and how.
  • Vet your service provider’s security procedures to ensure their security systems are secure and update your systems and software regularly.
  • Talk to your insurance broker – it might be a good idea to have specific cyber insurance for your business and your broker can help you arrange this.

Aviva offers cyber cover designed for small to mid-market customers to help combat the increasing threat of data and privacy breach they face today. Working with IDT911™***, Aviva’s insurance also offers risk management expert services to help customers prepare in advance for and manage any issues after a data loss or breach.

* Aviva’s SME survey carried out with 1,500 businesses
** http://www.ons.gov.uk/ons/rel/crime-stats/crime-statistics/year-ending-june-2015/sty-fraud.html

*** IDT911™ is the leading provider of services that help businesses and their customers defend against data breaches and identity theft. IDT911’s unique approach—delivering proactive protection, preventive education, and swift resolution—offers unrivalled support for more than 660 client partners and 17.5 million households.

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Lloyd's Leads Development Of Core Data Requirements For Cyber Insurance

Lloyd’s of London recently announced that a set of common core data requirements for cyber risks has been agreed through ground breaking collaboration with modelling firms AIR Worldwide (AIR) and RMS with the Cambridge Centre of Risk Studies.

Both AIR and the RMS/Cambridge team have agreed to highlight common elements when they publish their data schemas later this month and most importantly each has agreed to use similar terminology and precise definitions. The common core data requirements can be found at www.lloyds.com/cybercoredata

Tom Bolt, Lloyd’s Director of Performance Management, said, “Cyber insurance is an important new area of coverage and it is essential that we have good quality standardised data to track exposures. I am delighted that the RMS/Cambridge team and AIR, in consultation with the Lloyd’s Market Association, have worked with us to propose standard definitions for some common data. I have written to major brokers to ask them to endeavour to provide this data to Lloyd’s underwriters.

“The cyber insurance industry is showing real innovation and demonstrates the ability of insurers to develop policies to cover modern, complex risks. Due to the growing importance of this risk class, quality standardised exposure data is critical for increased levels of insurance coverage and better risk modelling.

“Models for natural catastrophe risks are well developed in the (re)insurance industry and the data requirements are relatively standardised. But in comparison, models for cyber risks are still developing and need the industry to work collectively so that risk can accurately be calculated. Lloyd’s is pleased to have worked with AIR, RMS and the Cambridge Centre for Risk Studies to progress this issue.”

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Greater Board Engagement Vital In Relation To Cyber Risks Says AIG

A research report launched by AIG in the UK highlights a significant gap in the understanding of, and response to, cyber threats by senior board directors in Britain’s largest companies.

Just over half (52%) of respondents discuss their company’s cyber security policy “less often than not or never” at board meetings, while nearly one quarter (24%) are not confident that they are up-to-date on the nature of cyber threats.

Mark Camillo, Head of Cyber and Professional Indemnity, EMEA at AIG said, “The cost of cyber attacks nearly doubled last year according to the UK Government; 81% of large UK businesses and 60% of small companies suffered a security breach. In this context boards needs to take cyber risk a great deal more seriously than they appear to now. For example, companies are split as to whether the maintenance of cyber security levels is designated at board level. In just over half of those surveyed, there is strong board representation on this issue. Certainly, having key roles in place like a Chief Information Security Officer, who reports to the CEO, is best practice.

“However over a third (36%) of companies mention their IT department as being designated for the maintenance of cyber security, and with a further 11% of ‘other’ responses. What we have learned from the large breaches is that cyber security is not just a technology issue. It takes an enterprise-wide effort to prevent attacks and to mitigate damage when they happen. While the day to day responsibility may be in the technical or security teams, strategy and response needs to have ownership across functions, hence board engagement.

“So, how confident is the board on emerging cyber threats? While there is undoubtedly confidence among many companies, with three quarters (76%) feeling confident that the board is up to date on the nature of cyber threats, a substantial minority of nearly a quarter (24%) are not very or at all confident about this in this area of rapid change.

“Beyond awareness, the research also raises questions around the issues of prevention of and response to cyber threats. Although 90% of poll respondents were confident that their company had identified its level of vulnerability across all key information assets and 84% believe their IT department is able to protect the company from a cyber attack, herein lies a problem. No matter how many firewalls a company has, or how good its IT systems are, no set of controls can guarantee that a data breach won’t happen – a more comprehensive risk management strategy is needed.”

The report can be found here.

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New Lloyd’s Study Highlights Wide Ranging Implications Of Cyber Attacks

Lloyd’s and the University of Cambridge’s Centre for Risk Studies are today launching a new report, Business Blackout. This joint report is the first to examine the insurance implications of a major cyber attack, using the US power grid as an example.

The report depicts a scenario where hackers shut down parts of the US power grid, plunging 15 US states and Washington DC into darkness and leaves 93 million people without power. Experts predict it would result in a rise in mortality rates as health and safety systems fail; a decline in trade as ports shut down; disruption to water supplies as electric pumps fail and chaos to transport networks as infrastructure collapses.

The total impact to the US economy is estimated at $243 billion, rising to more than $1 trillion in the most extreme version of the scenario. The cyber attack scenario shows the broad range of claims that could be triggered by disruption to the US power grid, with total amount of claims paid by the insurance industry estimated at $21.4 billion, rising to $71.1 billion in the most extreme version of the scenario.

Speaking about the new report, Tom Bolt, director of performance management at Lloyd’s, said:

“This scenario shows the huge impact and havoc that could result from a major cyber attack on the US. The reality is that the modern, digital, and interconnected world creates the conditions for significant damage, and we know there are hostile actors with the skills and desire to cause harm.

“As insurers, we need to think about these sorts of complex and interconnected risks and ensure that we provide innovative and comprehensive cyber insurance to protect businesses and governments. This type of insurance has the potential to be a valuable tool for enhancing the management of, and resilience to, cyber risk.”

“Governments also have a role to play. We need them to help share data, so we are able to accurately assess risk and protect businesses.”

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Aviva Launches Cyber Cover

Aviva is launching its first cyber cover designed for small to mid-market customers to help combat the increasing threat of data and privacy breach they face today. Aviva, in partnership with IDT911, is providing insurance that offers cover and risk management expert services to help customers prepare in advance for and manage any issues after a data loss or breach.

Aviva’s cyber cover is the perfect complement to any commercial combined policy at new business, mid-term or renewal and provides three benefits to the cover:

  • Data breach response – 1st Party, entry level cover picking up investigation and response costs.
  • Computer Cover – 1st Party, extensive protection for clients, tailored to their requirements
  • 3rd party liability – protection against the insured’s legal liability to 3rd parties arising from the use of electronic media up to a £500,000 limit of indemnity in any one period, costs inclusive.

Angus Eaton, MD commercial lines at Aviva, said: “Cyber risks like hacking , a stolen laptop, system failures or a memory stick going missing are unfortunately very much part of the digital world. The impact on business operations can be catastrophic, not just the financial impact of a data breach but also in terms of the damage to reputation.

“It is why, based on broker feedback, Aviva’s cyber cover has been designed to give businesses an affordable way to protect themselves as well as access to expert advice should they suffer a data loss or breach.

“For example, a virus that has resulted in the loss of customer data needs a quick response not only to remove the virus and protect the data but also to ensure that staff, suppliers and customers are kept informed of any risk and remedial measures.
“Aviva’s cyber cover looks after the financial impact and most importantly helps businesses know what to do when a breach occurs to keep the business running”.

Nate Spurrier, business development director, IDT911, said: “Cyber attacks continue to be big news and are a real threat to business operations. It’s an area of expertise that all businesses need to understand. Our experience means we can help businesses identify the steps they can take to effectively ‘lock the front door’ to intruders to reduce the risk of a cyber attack and in the event of a breach we can also help them respond appropriately to restore and secure their data quickly, and manage any reputational damage.”

IDT911 has been providing customers with prevention education, proactive protection services and incident remediation since 2003, today working with more than 770,000 businesses across the United States and Canada.

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Senior Security Heads Don’t Trust Cyber Insurance Products

New insurance products launched to protect businesses from suffering the losses of cyber-attacks have been met with great scepticism, according to new figures revealed today.  A survey of senior information security professionals, whose organisations are members of KPMG’s International Information Integrity Institute (I-4), found that the most common reason for not purchasing a cyber insurance policy was the belief that insurers would not actually pay out on a claim.

Distrust around insurers honouring their contracts is leaving businesses vulnerable to the effects of cybercrime. Seventy-four per cent of those surveyed stated their businesses had no cyber insurance in place. This is despite 79 per cent believing that cyber security threats are likely to increase over the next twelve months, with three quarters (74 per cent) perceiving organised crime and state sponsored activity to pose the biggest threat. For those whose businesses have purchased cyber insurance, 48 per cent think that the policies may not pay out if they need it.
 
Mark Waghorne, Head of KPMG’s International Information Integrity Institute, says, “It is worrying to see that so many businesses would rather risk having no insurance in place to protect themselves against a threat they believe is very real. It is also disappointing that cyber insurance is viewed as providing little comfort to those who have it, as almost half don’t believe they would be compensated properly if push came to shove.

“Of the information security professionals we spoke to, 30 per cent believed the market for cyber insurance does not appear to be sufficiently mature yet. Insurers will need to deliver more comprehensive packages in order to convince the business community that they can and will protect against losses on cybercrime.  However, discussions during a later debate at the most recent I-4 Forum showed that the availability of specialist, focussed cyber related insurance has much improved during the past year with clear evidence that carriers do pay out. Indicating that those organisations which have avoided cyber insurance in the past should perhaps revisit their positions.” 

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Lloyd’s Supports New Government Initiatives To Make Uk World Centre In Cyber Security Insurance

With 81% of large UK businesses and 60% of small companies suffering a cyber security breach in the last year, a new report published by HM Government and Marsh, and supported by Lloyd’s, has announced a new set of joint initiatives between Government and the insurance sector.

The joint report aims to help firms get to grips with cyber risk and establish cyber insurance as part of any firms’ cyber tool-kit.

The report, UK Cyber Security: The Role of Insurance in Managing and Mitigating the Risk, has been produced in collaboration with the UK’s insurance market and a number of top UK companies, and aims to make the UK a world centre for cyber security insurance.

It highlights the exposure of firms to cyber attacks among their suppliers with a key agreement that participating insurers will include the Government’s Cyber Essentials certification as part of their risk assessment for small and medium businesses.

Cyber threats are estimated to cost the UK economy billions of pounds each year with the cost of cyber attacks nearly doubling between 2013 -2014. The report found that, while larger firms have taken some action to make themselves more cyber-secure, they face an escalating threat as they become more reliant on online distribution channels and as attackers grow more sophisticated. It issues a call to arms for insurers and brokers to simplify and raise awareness of their cyber insurance offerings and ensure firms understand the extent of their coverage against cyber attack.

Companies are recommended to stop viewing cyber largely as an IT issue and focus on it as a key commercial risk affecting all parts of its operations. The report is the product of collaboration between Government and the sector following a Summit held last November. It recommends firms examine the different forms of cyber attacks they face, stress-test themselves against them and put in place business-wide recovery plans.

The report also notes a significant gap in awareness around the use of insurance, with around half of firms interviewed being unaware cyber risk insurance was available. Other surveys suggest that despite the growing concern among UK companies about the threat of cyber attacks, less than ten per cent of UK companies have cyber insurance protection even though 52% of CEOs believe that their companies have some form of coverage in place.

Inga Beale, CEO of Lloyd’s said, “I am very pleased to have had the opportunity to represent Lloyd’s on the working group which contributed to this excellent report. Cyber risk poses the most serious threat to businesses and national economies, and it’s an issue that’s not going to go away. The London market has a long, proud history of finding innovative solutions to insuring large, complex risks that are challenging to underwrite locally. Just as the market has responded to new challenges before, so it needs to again. The insurance industry, with the Lloyd’s market leading the way, has a key role to play in cyber risk protection going forward.”

Francis Maude, Minister for the Cabinet Office and Paymaster General said, “It is part of this Government's long-term economic plan to make the UK one of the safest places in the world to do business online. The UK’s insurance market is world renowned and we want it to be the same in relation to cyber risks. The market has extensive knowledge and experience of more established risks to help businesses manage and mitigate relatively new cyber risks. Insurance is not a substitute for good cyber security but is an important addition to a company’s overall risk management. Insurers can help guide and incentivise significant improvements in cyber security practice across industry by asking the right questions of their customers on how they handle cyber threats”.

Mark Weil, CEO of Marsh UK & Ireland, added, “While critical infrastructure in regulated sectors, such as banks and utility firms, are used to this kind of risk, most firms are not and their risk management practices are geared around lower-level, slower moving risks. Companies will need to upgrade their risk management substantially to cope with the growing threat of cyber attack, including introducing disciplines such as stress-testing, and creating a joined-up recovery plan that brings together financial, operational, and reputational responses.”

Key findings from the report:

  • Insurers can help firms better manage their cyber risks. By asking the right questions and educating clients, insurers can help drive the adoption of cyber security best practice, including Cyber Essentials.
  • The UK insurance sector is already a world-leader. With initiatives like this the sector is demonstrating that the UK is the natural home for a growing global cyber insurance market.
  • Insurers support shows the success of Government’s Cyber Essential Scheme. They recognise having Cyber Essentials certification is a valuable indicator of a mature approach to cyber security in SMEs that contributes to the reduction of risk.
  • The contributing insurers will incorporate Cyber Essentials into their risk assessment process for SMEs, making it easier for firms to get coverage.
  • Firms place cyber amongst their leading risks in terms of likelihood and severity of impact.
  • Banks and national infrastructure organisations are generally better equipped in modelling cyber risks which can be very fast moving and damaging whereas most other businesses are not as well equipped to deal with this type of ‘tail risk’.
  • Modelling of cyber risk has been difficult due to a lack of available data. However, there are alternative approaches to valuing the risk of cyber attack including using stress testing.
  • There is a lack of awareness of cyber insurance and certainty about coverage – less than 10% of companies have cyber insurance according to recent surveys.
  • A lack of data pooling poses a challenge for the insurers in the development of their pricing models and coverage.
  • The potential for the aggregation of losses impacting a large number of firms and arising from a is a growing concern for insurers.
  • The UK insurance market has a history of underwriting large complex risks and has established itself to be a leading market in the provision of cyber insurance

Recommendations include:

For insurers and Government

  • Participating insurers will include the Cyber Essentials certification as part of their cyber risk assessment for SMEs when backed by a suitable insurance policy in order to improve their supply chain resilience. This will simplify the application process for businesses.
  • A new forum will be established by HM Government with the insurance sector, including the ABI and Lloyd's, on data and insight exchange for policy discussions.

For businesses

  • Firms should review their management of cyber risk. Effective risk management needs to include a Board-level owner for cyber risk, a joined up recovery plan and the use of stress testing to confirm financial resilience against cyber threats

For insurance brokers

  • Participating insurers will include Cyber Essentials accreditation as part of their risk assessment for SME to encourage greater adoption. Marsh will launch a new cyber insurance product for SMEs which will absorb the cost of Cyber Essentials certification for the majority of firms. HMG encourages other brokers to follow suit.
  • Brokers should provide firms with a cyber assurance statement to give the Board confidence of the completeness of their cover.

For the market

  • Lloyd's will work with UKTI to market the cyber capabilities of the London Insurance market globally.
  • A new multi-disciplinary taskforce set up by CityUK aimed at bringing together different sectors to accelerate discussions on a joint UK cyber offering related to insurance for export.

The Cyber Essentials Scheme was launched on 5 June 2014. This new Government-backed and industry supported scheme guides businesses in protecting themselves against the most common cyber threats. Cyber Essentials documents are free to download and any organisation can use the guidance to implement essential security controls. Organisations successfully independently assessed by a Certification Body can achieve a Cyber Essentials award to demonstrate that they meet the government endorsed set of basic controls on cyber security.

The Ten Steps to Cyber Security guidance and the Cyber Security Guidance for small businesses show companies how they can manage cyber security risk and put best practice in place.

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CareFirst Announces Cyberattack;Offers Protection for Affected Members

CareFirst BlueCross BlueShield (CareFirst) today announced that the company has been the target of a sophisticated cyber attack.

The attackers gained limited, unauthorized access to a single CareFirst database. This was discovered as a part of the company’s ongoing Information Technology (IT) security efforts in the wake of recent cyberattacks on health insurers. CareFirst engaged Mandiant – one of the world’s leading cybersecurity firms – to conduct an end-to-end examination of its IT environment. This review included multiple, comprehensive scans of the CareFirst’s IT systems for any evidence of a cyberattack.

Evidence suggests the attackers could have potentially acquired member user names created by individuals to use CareFirst’s website, as well as members’ names, birth dates, email addresses and subscriber identification number.

Mandiant determined that in June 2014 cyberattackers gained access to a single database in which CareFirst stores data that members and other individuals use to access CareFirst’s websites and online services. Mandiant completed its review and found no indication of any other prior or subsequent attack or evidence that other personal information was accessed.

CareFirst user names must be used in conjunction with a member-created password to gain access to underlying member data through CareFirst’s website. The database in question did not include these passwords because they are fully encrypted and stored in a separate system as a safeguard against such attacks. The database accessed by attackers contained no member Social Security numbers, medical claims, employment, credit card, or financial information.

“We deeply regret the concern this attack may cause,” said CareFirst President and CEO Chet Burrell. “We are making sure those affected understand the extent of the attack – and what information was and was not affected. Even though the information in question would be of limited use to an attacker, we want to protect our members from any potential use of their information and will be offering free credit monitoring and identity theft protection for those affected for two years.”

Approximately 1.1 million current and former CareFirst members and individuals who do business with CareFirst online who registered to use CareFirst’s websites prior to June 20, 2014, are affected by this event. Out of an abundance of caution, CareFirst has blocked member access to these accounts and will request that members create new user names and passwords.

More information about the cyber attack can be found at www.carefirstanswers.com.

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CareFirst Announces Cyberattack;Offers Protection for Affected Members

CareFirst BlueCross BlueShield (CareFirst) today announced that the company has been the target of a sophisticated cyber attack.

The attackers gained limited, unauthorized access to a single CareFirst database. This was discovered as a part of the company’s ongoing Information Technology (IT) security efforts in the wake of recent cyberattacks on health insurers. CareFirst engaged Mandiant – one of the world’s leading cybersecurity firms – to conduct an end-to-end examination of its IT environment. This review included multiple, comprehensive scans of the CareFirst’s IT systems for any evidence of a cyberattack.

Evidence suggests the attackers could have potentially acquired member user names created by individuals to use CareFirst’s website, as well as members’ names, birth dates, email addresses and subscriber identification number.

Mandiant determined that in June 2014 cyberattackers gained access to a single database in which CareFirst stores data that members and other individuals use to access CareFirst’s websites and online services. Mandiant completed its review and found no indication of any other prior or subsequent attack or evidence that other personal information was accessed.

CareFirst user names must be used in conjunction with a member-created password to gain access to underlying member data through CareFirst’s website. The database in question did not include these passwords because they are fully encrypted and stored in a separate system as a safeguard against such attacks. The database accessed by attackers contained no member Social Security numbers, medical claims, employment, credit card, or financial information.

“We deeply regret the concern this attack may cause,” said CareFirst President and CEO Chet Burrell. “We are making sure those affected understand the extent of the attack – and what information was and was not affected. Even though the information in question would be of limited use to an attacker, we want to protect our members from any potential use of their information and will be offering free credit monitoring and identity theft protection for those affected for two years.”

Approximately 1.1 million current and former CareFirst members and individuals who do business with CareFirst online who registered to use CareFirst’s websites prior to June 20, 2014, are affected by this event. Out of an abundance of caution, CareFirst has blocked member access to these accounts and will request that members create new user names and passwords.

More information about the cyber attack can be found at www.carefirstanswers.com.

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Willis Launches Suite of Risk Analytics to Help Organizations Proactively Manage Risks

Willis Group Holdings plc (NYSE:WSH) have unveiled a new suite of analytical tools to help firms proactively manage risks. These proprietary models will deliver innovative analytical capabilities for diagnosing Natural Catastrophe risk, Cyber risk, Directors & Officers Liability risk and Casualty-related losses. These solutions are part of the first wave of what Willis is calling its Core Analytics tool suite. These interactive tools offer best-in-class risk quantification to help firms increase their understanding of risk and support risk management decisions grounded in company-specific data and industry-leading analytical principles.

The Core Analytics tools are integrated into Willis's standard client deliverables and offered to clients free of charge. The tools are being launched to coincide with the Risk & Insurance Management Society's (RIMS) Annual Conference in New Orleans April 26-29. The following tools are live and will be available for demonstration at the conference:

Global Peril Diagnostic

Willis's Global Peril Diagnostic is the first in the industry to take a global view of an organization's Property portfolio. Traditionally, Property risk has been evaluated through a siloed approach measuring exposures based on either geography or individual perils. This model delivers a risk evaluation/scoring platform for the entire portfolio and includes a view of the most vulnerable properties across all major Natural Catastrophe perils: earthquake, tropical cyclone/hurricane, river flood, tsunami and storm surge.

Cyber Privacy Model PRISM II

Willis's PRISM II is an evolution of its original Privacy Risk and Insurance Strategy Model (PRISM). The threat of a data breach or network privacy breach continues to grow and is the leading cause of cyber losses. This industry-leading tool is a predictive model that quantifies the impact and likelihood of a privacy breach. Combining the latest breach data from Risk Based Securities with financial research and analysis by Willis Cyber experts, the tool enables a client-specific and dynamic view of risk. It also helps an organization determine optimal risk transfer strategies and financing limits.

Dynamic Casualty Forecast

With Casualty losses increasing in frequency and severity, and new Liability risks emerging, controlling costs and managing risk transfer spend requires more than the traditional "loss pick" approach. Dynamic Casualty Forecast is a state-of-the-art analytical tool that provides a complete picture of an organization's potential Casualty losses and the resultant impact on a firm's financials. The tool provides ground-breaking support by examining the entire range of resultant total cost of risk (TCOR) and company-specific EBITDA distributions. This allows for an immediate view of the risk-versus-return continuum for each risk transfer program.

D&O Quantified

D&O Quantified is a sophisticated predictive model that evaluates a firm's loss potential related to Directors & Officers (D&O) Liability exposures and provides decision support for optimal insurance structures. Going beyond the standard measure of a firm's market capitalization and industry segment, this tool incorporates client-specific stock price trends, price volatility, corporate governance and accounting metrics, as well as valuation dynamics to provide predictive insights into claim frequency and severity, achieving a refined evaluation of an organizations' comprehensive D&O risk.

Commenting on the solutions, John Merkovsky, Group Head of Risk & Analytics said, "We're proud to launch these innovative solutions into the marketplace and support Willis's position as the analytical broker. Organizations today are facing a rapidly evolving set of risks and risk professionals demand dynamic and innovative tools to diagnose exposures in real time and with analytic exactitude. Willis is committed to understanding our clients' businesses and delivering risk consultation that is grounded in technical principles." Ben Fidlow, Global Head of Core Analytics, said, "Each of these models brings a differentiating view of risk never before offered in the risk management space. We see this as a big step in the evolution toward analytical engagement that many of our sophisticated clients have been waiting for."

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