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Willis Re upgrades cyber portfolio management tool

Willis Re upgrades cyber portfolio management tool

Willis Re upgrades cyber portfolio management tool Willis Re, the reinsurance division of Willis Towers Watson, has announced the launch of the next generation of PRISM-Re, its cyber risk portfolio modeling tool.

Since its initial release in 2005, PRISM-Re has become an important tool for Willis Re’s clients, allowing them to manage their cyber portfolios and estimate downside risk from privacy breach, according to a news release. The new update will allow PRISM-Re to offer cyber loss modelling on a worldwide basis due to network outages and data privacy breach.

The new update will add the following enhancements to PRISM-Re:
  • Network outage modelling
  • Parameters covering global exposures in addition to US exposures
  • Expanded and refined industry sector groupings
  • More data for common shock component and increased evidence of cyber “contagion”
  • Complete model parameter updates using data through year-end 2015
“We are extremely proud of the unique work we have been doing with clients to help them better understand and manage their cyber exposures since the launch of PRISM-Re,” said Mark Synnott, executive vice president of Willis Re. “Our commitment to developing leading-edge solutions has already delivered a highly effective and successful tool to meet a specific market need. The 2016 update further enhances our capabilities in the rapidly evolving cyber arena and we look forward to introducing it to our clients over the coming months as we roll it out across our global network via our client advocates.”

“We’re excited about this important update to PRISM-Re, made possible through collaboration with our colleagues across Willis Towers Watson,” said Alice Underwood, head of analytics for Willis Re North America. “Including network outage modelling is a significant new development for the market as a whole. We believe it will further empower our clients to model and manage risk in this growing segment.”

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