Willis Towers Watson’s Casserley says hit cyber risk with multi-strike

Cyber risk should be managed and tackled in the same joined up way that cities respond to fire, according to Willis Towers Watson president and deputy chief executive Dominic Casserley.

Speaking at the Commonwealth Club of California in San Francisco last week, Casserley said that a multi-dimensional approach to cyber risk that offered protection and prevention was needed. He likened the evolved response to cyber risk to that of fire following rapid urbanisation and the development of cities.

He said: “We are in the middle of an extraordinary technological revolution in the way we live and do business. Alongside the amazing cyber opportunity, there are substantial risks.”

He added: “By bringing together technological solutions, by influencing human behaviour, and by developing the insurance market, we can distribute cyber risk in order to enjoy the potential of a connected future.”

His remarks come after Lloyd’s, RMS and Verisk recently collaborated on standardising cyber exposure data.

Casserley said he saw the need for public-private partnership, as well as involvement from the social sectors, in order to tackle cyber risk in a meaningful way.