Guy Carpenter Forms Strategic Alliance to Develop Cyber Aggregation Model

Guy Carpenter & Company recently announced plans to partner with cybersecurity firm Symantec Corporation to create a cyber aggregation model. The model aims to “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,” according to Guy Carpenter. This strategic alliance will be led by Guy Carpenter’s Cyber Solutions Specialty Practice to leverage Symantec’s data analytics and cyber knowledge to create an unparalleled cyber aggregation model. “By combining Guy Carpenter’s risk management and catastrophe modeling 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,” said Tim Gardner, CEO of U.S. Operations at Guy Carpenter. As the cyber model builds on itself, it will allow insurers and customers to better understand the complexity of today’s cyber-attacks.