A group of cyber insurance companies including American International Group Inc. and Chubb Ltd. has joined the formation of CyberAcuView LLC, a consortium that aims to improve 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 states that it is collaborating with other leading direct authors of cyber insurance to invite additional participants as associate members. a competitive market for cyber insurance.
The statement states that the founding members of CyberAcuView will use their collective expertise to provide best practices for improving resilience. to cyber risk; engage proactively with regulators, law enforcement and other security agencies to counter cybercrime and ransomware rapid rise; develop systemic risk solutions and promote cyber-political language to improve market efficiency; and analyze cyber trends to provide better visibility of cyber attacks and causes of loss so that insurers can identify critical controls and train policyholders on loss prevention strategies.
Monica Lindeen, former insurance commissioner in Montana and former president of the National Assn. of insurance commissioners, joins CyberAcuView as head of regulatory affairs. In addition, James Schweitzer, formerly of the FBI and former chief operating officer of Des Plaines, the Illinois-based National Insurance Crime Bureau, is its head of law enforcement.
Mr. Camillo said in a statement, "The cyber landscape continues to evolve with increasingly common and disruptive attacks.
" Combining resources from across the insurance industry will enable us to better understand cyber trends, anticipate and potentially mitigate future attacks. " and help improve overall cyber resilience.
The statement states that the organization's activities “are conducted under strict antitrust review and guidance.