- How the cyber exposures of each organization are quantified in terms of the impact on the firm’s business and reputation
- Whether new disclosures of past cyber hacking events (possibly due to a broader interpretation of materiality in the SEC’s guidance) are required
- The role of interdependencies among clients, customers and vendors
- The challenges and costs of remediation
- How (and if) relevant insurance coverage is disclosed
Commenting on the survey, Geoffrey K. Allen, Executive Vice President, Cyber Risk and E&O Product Team Leader, FINEX, North America, said, “Willis believes this information – much of it never before disclosed – will yield some very interesting results and be an important guide for companies in assessing their exposures at a macro level. In addition, in the early stages of the development of cyber risk disclosure it is important for companies to understand what their peers are doing so they can be among the best.”Willis intends to share detailed and sector-related summary report conclusions with clients on a quarterly basis, and will make executive summaries available publicly beginning May 2012. Individual companies will not be identified in the survey results. Willis’ industry-leading Cyber Practice is supported by 18 professionals across North America. Teams of professionals work with organizations to develop strategic cyber risk management programs, model frequency and severity of privacy loss exposure (together with the relative cost/benefit of retaining or transferring risk to the insurance market using Willis’ proprietary PRISM tool), review and strengthen contracts with service provider and vendors and work with the insurance marketplace to develop innovative solutions to address the rapidly changing profile of cyber exposures. About Willis Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.