AIG, Chubb, other insurers form cyber consortiumPosted On: Jun. 18, 2021 1:31 PM CST
A group of cyber insurers including American International Group Inc. and Chubb Ltd. have joined to form CyberAcuView LLC, a consortium aimed at enhancing cyber risk mitigation efforts across the industry.
Other founding members of the New York-based organization, whose CEO is Mark Camillo, former London-based head of cyber for Europe Middle East Asia at AIG, are Beazley PLC, The Hartford Financial Services Group Inc., Liberty Mutual Insurance Group and Travelers Cos. Inc.
Its website says it is working with other leading direct writers of cyber insurance to invite additional participants as associate members.
A statement issued by CyberAcuView on Thursday said the company will compile cyber-related data “to enhance value and service to policyholders and help ensure a competitive market for cyber insurance.”
The statement said CyberAcuView’s founding members will use their collective expertise to provide best practices to improve resilience to cyber risk; proactively engage with regulators, law enforcement and other security agencies to counter cybercrime and ransomware’s rapid rise; develop systemic risk solutions and advance cyber policy language to improve market efficiencies; and analyze cyber trends to provide enhanced visibility on cyberattacks and the causes of loss so insurers can identify critical controls and educate policyholders on loss prevention strategies.
Monica Lindeen, former Montana insurance commissioner and past president of the National Assn. of Insurance Commissioners, is joining CyberAcuView as director of regulator affairs. In addition, James Schweitzer, formerly of the FBI and former chief operating officer of the Des Plaines, Illinois-based National Insurance Crime Bureau, is its director of law enforcement engagement.
Mr. Camillo said in a statement, “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 statement said the organization’s activities “are conducted under strict antitrust review and guidance.”