LONDON, Jan. 08, 2018 (GLOBE NEWSWIRE) — Willis Re, the reinsurance business of Willis Towers Watson (NASDAQ:WLTW), the leading global advisory, broking and solutions company, today announced it has upgraded its cyber risk portfolio modelling tool PRISM-ReTM to now include silent cyber.
PRISM-ReTM was first launched by Willis Re in February 2015 and has since become a vital tool for its clients, helping them to manage their cyber portfolios and estimate downside risk arising from privacy breach and network outage following a cyber attack.
The innovative 2018 update to PRISM-ReTM offers the insurance market access to the stochastic modelling of cyber losses on a worldwide basis arising from insurance policies not specifically designed to cover cyber risk.
The latest version of PRISM-ReTM supports insurers to more effectively manage their exposure to cyber risk across their entire portfolio of property and casualty business. The model incorporates the likelihood of a loss resulting from silent cyber and overlays this against client-specific non-cyber limits profiles and loss severity curves to generate a full loss distribution for silent cyber loss potential in…
