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Guy Carpenter Forms Strategic Alliance to Develop Cyber Aggregation Model

May 2016 by Coline Magne

Guy Carpenter & Company announced the formation of a strategic alliance with Symantec Corporation, 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, which focuses on the development and delivery of innovative cyber reinsurance solutions, will spearhead this effort. Symantec is a complementary new partner for Guy Carpenter.

Cyber attacks are estimated to cost businesses as much as $400 billion a year, and the systemic nature of the risk means (re)insurers can suffer losses from multiple insureds 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, (re)insurers 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. 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 advanced analytics, unparalleled cyber security knowledge, and combined scale and innovation of both companies to accelerate the services needed to create the industry’s most advanced cyber aggregation model.

The Guy Carpenter Cyber Solutions Specialty Practice continues to explore new and innovative data, analytics and broking solutions to the growing cyber risk.




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