Guy Carpenter & Company has formed a strategic relationship with Symantec Corporation to create a cyber aggregation model.
The new model will include a detailed list of cyber scenarios that insurers can use to 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.
The cyber solutions specialty practice at Guy Carpenter, which focuses on the development of cyber reinsurance solutions, will lead the operation.
Tim Gardner, CEO of US operations at Guy Carpenter, said: “By combining Guy Carpenter’s risk management and catastrophe modelling 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.”
