Seven leading insurers have launched a new company dedicated to enhancing cyber risk mitigation efforts across the global insurance industry.
AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers are among the founding members of the new company, CyberAcuView.
They said that they will pool their expertise to compile and analyse cyber-related data to enhance value and service to policyholders, and help ensure a competitive market for cyber insurance.
The announcement comes after a growing number of cyber attacks were recorded since the outbreak of COVID-19, with research suggesting that cyber insurance uptake is failing to keep pace.
Mark Camillo, previously EMEA head of cyber at AIG, and now CyberAcuView's CEO, said: “The cyber landscape continues to evolve with coordinated attacks becoming more frequent and disruptive.
“Combining resources from across the insurance industry will allow us to better understand cyber trends, anticipate and potentially mitigate future attacks, and help improve overall cyber resilience.”
The founding members of CyberAcuView said that they will use their collective expertise to:
- Provide industry best-practices to improve resilience to cyber risk
- Proactively engage with regulators, law enforcement and other security agencies to counter cyber crime and the rapid rise of ransomware
- Develop systemic risk solutions and advance cyber policy language to improve market efficiencies
- Analyse cyber trends to provide enhanced visibility on cyber attacks and the causes of loss so that insurers can identify critical controls and educate policyholders on loss prevention strategies.
Joining Camillo on the leadership team is Monica Lindeen, past president of the National Association of Insurance Commissioners (NAIC), as director of regulatory affairs; and James Schweitzer, a long-time veteran of the FBI and former COO of the National Insurance Crime Bureau (NICB), as director of law enforcement engagement.
All CyberAcuView activities will be conducted under strict antitrust review and guidance.
The company's website says that its purpose is "empowering the cyber insurance industry to enhance innovation, improve market efficiencies, and support collaboration among multiple stakeholders for the long-term benefit of policyholders, insurers and the connected economy".
Image credit: iStock
Author: Chris Seekings