Leading cyber insurers launch CyberAcuView
Source: Middle East Insurance Review | Jul 2021
Leading cyber insurers have announced the formation of CyberAcuView, a company dedicated to enhancing cyber risk mitigation efforts across the insurance industry.
CyberAcuView will compile and analyse cyber-related data to enhance value and service to policyholders and help ensure a competitive market for cyber insurance. AIG EMEA head of cyber Mark Camillo has been appointed CEO.
The founding members will use their collective expertise to help the industry enhance the value and service for all policyholders in their cyber risk mitigation efforts by:
- Providing industry best-practices to improve resilience to cyber risk;
- Proactively engaging with regulators, law enforcement and other security agencies to counter cyber crime and rapidly rising ransomware;
- Developing systemic risk solutions and advancing cyber policy language to improve market efficiencies; and
- Analysing 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.
Mr Camillo 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.”
AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers are among the group of cyber insurance underwriters that are sponsoring the initiative, the activities of which are conducted under strict antitrust review and guidance. M