Cyber-attacks are on an upward trend. Insurance companies are not taking this lightly. They want to ensure that they are in total control of the situation. In their efforts to do this, they have come together to assist in risk mitigation. That’s the reason why they have joined to form a company that will majorly deal with cyber risk mitigation. All leading insurers, like AIG, Beazley, AXIS, Chubb, The Hartford, Liberty Mutual Insurance, and travelers are leading in pooling all their data and expertise together to ensure that they enhance risk mitigation. From the recent report that we have analyzed, there is an increase in ransomware attacks.
Strict reviews and guidance of Cyber Risk Mitigation
CyberAcuView is a new entity that will help in compiling and analyzing data from cyber. Therefore, it will help a lot in enhancing value and service to all those subscribed to policies. In addition, CyberAcuView will ensure a sustainable competitive market for all cybersecurity insurance companies. According to the report, there will be strict guidance and review in all cyberAcuView’s activities.
First CEO of the Cyber Risk Mitigation Company
The first CEO of the brand new company is one and only Mark Camilo. He is not a new person as he has been in the insurance business for many years. He has been head of cyber at AIG. He will be taking control of the new company that has many expectations to meet. He is capable, he is up to the task, and all companies are behind him to deliver. Risk mitigation is something that has been bothering all the seven founding insurance companies’ members. In addition, six of these founding members are the best in the world insurance business in the world. Therefore, this company will be of great importance to Risk Mitigation in all cyber insurers because they will invite all insurance writers to be associate members.
The new CEO will have a team of great leaders like Monica Lindeen, coming from Montana Insurance. She will be a director of Regulatory Affairs. Moreover, James Schweiter will join the team as a director of law enforcement engagement.
Dealing with Risk Mitigation
Founding members have stated how they will deal with cyber risk mitigation using the new company. They will do this by:
§ First, they will be able to do thorough research and provide best practices. It will help the industry to become more resilient to cyber risk.
§ Secondly, they will be able to collaborate with all other security agencies. They will implement this by proactively engaging with the industry’s key players to counter cybercrime and the rise of ransomware.
§ Thirdly, they will be able to improve market efficiency. Through new systemic risk mitigation solutions and improved policies, the insurance will be in a better position.
§ Finally, by analyzing trends and advancements, the new company will provide greater visibility on cyber-attacks. Also, it will know exactly the causes of loss for insurers to identify critical controls for them to create awareness and educate policyholders on the best practices and prevention strategies.
In conclusion, cyber risks are evolving every day. Therefore, insurance companies need to combine all their resources to have control in this never-ending fight. The insurance industry will benefit a lot by standing together in this fight. According to research done by Fitch, it shows that cyber insurance industry is growing. It also shows that it can still grow by far as there is a space for growth. In a few years, a lot will change as all insurance companies are beginning to work together to improve the industry.