PERILS & CyberAcuView expand US Cyber Loss Index to report unintentional events

Zurich-based catastrophe insurance data provider PERILS AG and CyberAcuView have announced the expansion of the US Cyber Industry Loss Index with unintentional (‘accidental’) loss events commencing 1 October 2024.

Since launching in September 2023, the index has reported on affirmative US primary cyber market losses resulting from intentional (malicious) systemic cyber events which generate an industry loss exceeding $500 million and has been used in both ILS and ILW cyber-related transactions.

During that period, PERILS and CyberAcuView have reportedly been actively engaging with major industry stakeholders to build awareness and understanding of the index and generate feedback, which led to the decision to expand.

Commenting on the update, Darryl Pidcock, Head of Cyber of PERILS, said, “Since launch twelve months ago, we have invested considerable time in actively engaging with industry stakeholders, with the index already being used for both ILW and ILS transactions and with new transactions in the pipeline.

“That engagement is not only critical to increasing its use but also expanding its scope. Our decision to widen the remit of the index to unintentional cyber incidents was a direct result of our continuous market dialogue.”

Mark Camillo, Chief Executive of CyberAcuView, added, “We believe this will further support the industry’s ongoing need for more cyber data to facilitate improvements in modelling and ensure the long-term availability of cyber market capacity.

“We feel the addition of unintentional loss reporting can play an important role in enabling the expansion of the cyber-ILS and ILW markets.”

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