Guy Carpenter & Company, a member of Marsh & McLennan Companies, has rolled out its Cyber Solutions Specialty Practice, which concentrates on the development and delivery of cyber reinsurance products and services.

The practice will enable clients to effectively manage their cyber portfolios while rapidly increasing risks associated with cyber security.

Cyber Solutions Specialty Practice co-leader Jeremy Platt said that rapidly-developing computer technology and the unrelenting evolution of cyber risks presents one of the biggest challenges to the (re)insurance sector today.

"In fact, cyber-attacks, along with technology failure, represent a greater threat than adverse weather, fire and social unrest combined," Platt added.

Explaining the launch of the new practice, Guy Carpenter Cyber Solutions Specialty Practice co-leader Mike Brown commented, "Our clients require comprehensive solutions to manage the accumulation and concentration of cyber liability to large loss and systemic events."

Guy Carpenter & Company offers risk and reinsurance intermediary services as well as life, accident and health; marine and energy; medical professional liability; mutual insurance companies; political risk and trade credit; professional liability; property; retrocessional reinsurance; surety, among others.