Global (re)insurance broker Willis Towers Watson (WTW) has appointed Peter Foster as chairman of global FINEX cyber and cyber risk solutions.
Foster has been at WTW for over 14 years and in a recent press release from the company it stated he has been instrumental in building the company’s global cyber capabilities.
Recent analysis reports from WTW and independent research ESI ThoughtLab, shows that annual losses from cyberattacks averaged $4.7mn in the last fiscal year, with more than one in 10 businesses losing over $10mn.
Foster, stated: “Our recent data highlighting the increasing number of firms losing considerable sums from cyber attacks demonstrates the need for robust cybersecurity solutions. Cyber risk continues to be a key component of our global strategy and we have built tremendous momentum and capability in this space through our fully integrated and holistic approach to all aspects of mitigating cyber risk. I am delighted to be leading such an experienced global team with the breadth of knowledge and depth that we harness globally.”
