Willis Re has announced that it is set to launch PRISM-Re™, the industry’s “first cyber risk modeling tool that will enable insurers to quantify and manage their portfolio exposure to data breaches, the leading cause of cyber losses.”
PRISM-Re was developed by Willis Retail’s cyber team and Willis Risk & Analytics actuaries, who claim that it is a “major breakthrough in advancing the insurance industry’s ability to manage cyber risk and offer wider protection against the growing tide of cyber-attacks.”
According to Willis, the program “provides an objective analysis of the susceptibility to data breach events across the insurer’s portfolio…Based upon the latest exposure data, the tool estimates the frequency of data breaches and the potential severity of insured losses arising from those events.” Insurance Journal has more on PRISM-Re.