Cyber consortium backed by insurers including AIG, Chubb and Travelers forms new firm

Cyber consortium backed by insurers including AIG, Chubb and Travelers forms new firm | Insurance Business Canada

Cyber consortium backed by insurers including AIG, Chubb and Travelers forms new firm

A consortium of cyber insurers has announced the formation of CyberAcuView, a research and coordination firm “dedicated to enhancing cyber risk mitigation efforts across the insurance industry.”

In a joint statement, the consortium – which includes AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance, and Travelers – said that CyberAcuView will “compile and analyze cyber-related data to enhance value and service to policyholders and help ensure a competitive market for cyber insurance.”

Among the new firm’s responsibilities are:

  • Providing industry best-practices to improve resilience to cyber risk.
  • Proactively engaging with regulators, law enforcement, and other security agencies to counter cybercrime 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 cyberattacks and the causes of loss so that insurers can identify critical controls and educate policyholders on loss prevention strategies.

Mark Camillo, most recently head of cyber, EMEA at AIG, has been appointed CyberAcuView’s first chief executive officer.

Joining Camillo on the leadership team are Monica Lindeen, former insurance commissioner for the State of Montana and past president of the National Association of Insurance Commissioners (NAIC), as director of regulatory affairs and James Schweitzer, former chief operating officer of the National Insurance Crime Bureau (NICB), as director of law enforcement engagement.  

“The cyber landscape continues to evolve with coordinated attacks becoming more frequent and disruptive,” said Camillo. “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.”