Major Cyber Insurers Join To Enhance Cyber Risk Mitigation Efforts

A group of cyber insurers has joined forces to form a company dedicated to enhancing cyber risk mitigation efforts across the insurance industry.

In a statement, the new company, CyberAcuView, said that through the collective expertise of its members, it will compile and analyze cyber-related data to enhance value and service to policyholders and help ensure a competitive market for cyber insurance.

Insurers joining in the new company include AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance, and Travelers. Mark Camillo, most recently head of cyber, EMEA at AIG, has been appointed CEO of CyberAcuView.

The company outlined several areas in which the founding members of CyberAcuView plan to use their collective expertise to help policyholders improve cyber risk mitigation.

• Providing industry best practices to improve cyber risk resilience
• Proactively engaging with regulators, law enforcement, and other security agencies to counter cyber crime and the rapid rise of ransomware
• Developing systemic risk solutions and advancing cyber policy language to improve market efficiencies
• Analyzing 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 Mr. Camillo on CyberAcuView's leadership team is Monica Lindeen, former Montana insurance commissioner and past president of the National Association of Insurance Commissioners, as director of regulatory affairs, and James Schweitzer, a long-time veteran of the FBI and former chief operating officer of the National Insurance Crime Bureau, as director of law enforcement engagement.

"The cyber landscape continues to evolve with coordinated attacks becoming more frequent and disruptive," Mr. Camillo said in the statement. "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 new company said that all CyberAcuView activities are conducted under strict antitrust review and guidance.