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Tech costs beat regulation, cyber as worries for financial services execs

June 15, 2015 publisher attention, berlin, cloud-computing, europe, hedge-funds, international, new-technology, playa-vista, rules-expected, sap, second-only, seen-as-slow, steal-market, willis

IT costs came second only to macroeconomic concerns such as the impact of quantitative easing, according to the survey by global risk adviser Willis of senior executives at 150 banks, insurers, reinsurers, asset managers, hedge funds and financial technology companies worldwide. “There is a rise of new entrants that are using new technology,” said Mary O'Connor, global head of Willis' financial institutions group. “Banks know they need to respond to that.” Banks and insurers have been seen as slow in responding to new technology, leaving the door open for newcomers to steal market share.

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Willis Re launches cyber insurer tool as risks remain unclear

February 3, 2015 publisher alice-underwood, among-insurers, companies-gauge, help-insurance, internet, portfolios, should-private, the-reinsurance, willis, willis-group

Reinsurer Willis Re on Tuesday launched a tool designed to help insurance companies gauge their portfolios' exposure to cybersecurity risks, the latest effort to develop a growing market that has nonetheless faced worries about potential pitfalls. The tool, called PRISM-Re, is meant to help insurance companies understand how much risk they face should they have to pay out for everything from managing a cyberattack crisis to hiring credit monitoring services should private data be breached. “There's still a little bit of hesitation (among insurers) about, 'how do I understand what my overall exposure might be',” said Alice Underwood, head of analytics for Willis Re North America