Recent ransomware attacks have prompted seven leading insurers — including AIG, Chubb, Beazley, AXIS, Liberty Mutual Insurance, Travels and The Hartford — to join together last month to establish CyberAcuView, which seeks to strengthen the cyber insurance industry's risk mitigation efforts through the combination of the firms' data collection and analysis capabilities, CyberScoop
"With the formation of CyberAcuView, we now have the industry support to help move these initiatives forward to greatly benefit policyholders," said CyberAcuView CEO Mark Carmillo.
Meanwhile, the American Property Casualty Insurance Association also issued cyber extortion and ransomware guidance last week as the industry deals with increasing ransomware attacks that have prompted rising payouts.
The developments indicate increased focus of the insurance industry on cybersecurity threats, according to AM Best Director of Industry Research and Analytics Sridhar Manyem.
"Given the relatively recent nature of cyber, the combined effort can provide more transparency into losses and help insurance professionals better understand and underwrite," said Manyem.