“Our recent data highlighting the increasing number of firms losing considerable sums from cyberattacks demonstrates the need for robust cybersecurity solutions,” Foster said in a statement. (Credit: Shutterstock)

Willis Towers Watson has appointed Peter Foster chairman of global FINEX cyber and cyber risk solutions. He has been with Willis Towers Watson for more than 14 years and has played a key role in building the company's global cyber capabilities.

In a recent report from Willis Towers Watson and independent researcher ESI ThoughtLab, annual losses from cyberattacks averaged $4.7 million in the last fiscal year, with more than one in 10 firms losing over $10 million. Willis Towers Watson's cyber platform enables clients to evaluate the full extent of their cyber risk exposure and determine an effective strategy for managing the risk.

“Our recent data highlighting the increasing number of firms losing considerable sums from cyberattacks demonstrates the need for robust cybersecurity solutions,” Foster said in a statement. “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.”