A Breakthrough Cybersecurity Insurance Option
February 23, 2023
The world’s first rent-a-captive insurance program is up and running. Described as a formal structure to finance self-insured cyber risks, it is a captive insurance offering by a partnership between Hylant Global Captive Solutions and CloudCover Re. According to CloudCover, the concept is brand new and creates a solution to a seemingly intractable problem for risk managers: how to minimize the potential liability from cyber-attacks at an affordable price. According to the article linked above, “it will facilitate coverage for associations, affinity groups, and large enterprises by “employing CloudCover’s AI-generative, automated microsecond network detection security platform.” It involves the rental of a captive insurance vehicle from CloudCover Re as an alternative to conventional cyber insurance. The result will be strengthened financial performance by creating new revenue and protecting digital assets.
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