Agile & Optus Macquarie University Cyber Security Hub Collaborate
Agile Underwriting has released an update on the research collaboration with The Hub.
Agile Cyber and Macquarie University to collaborate on Cyber risk awareness and pro-active Cyber resilience strategies.
Agile Underwriting Services Pty Ltd (Agile) brings technology to the forefront by delivering amongst other products, innovative cyber insurance solutions to Australian businesses. Agile believes that empowering businesses to improve their cyber readiness is the most effective way to reduce their cyber risk exposure and accelerate their recovery from cyber-attacks.
James Crowther, Agile Cyber — General Manager says “In collaboration with The Optus Macquarie University Cyber Security Hub we are trialling a ‘dynamic excess’ policy endorsement. In doing so we recommend our clients take advantage of the data breach preparation and response guide published by the Office of the Australian Information Commissioner (OAIC) as a baseline. It empowers business owners to assess their level of cyber readiness. The focus is on maintaining current documentation and developing co-ordinated cyber response plans within the organisation. Via a Dynamic Excess Endorsement Agile will offer a financial incentive in the form of up to 50% of the policy excess paid back to the policyholder in the event a claim is paid and the conditions of the endorsement are met.”
The Optus Macquarie University Cyber Security Hub is a leading Australian cyber risk research institution which focuses on risk management in cyber insurance. Denny Wan is leading a research project into Pro-active Cyber Insurance supervised by its executive director Dr Christophe Doche. One of his research goals is to identify a sustainable approach to manage the cyber readiness of the policyholder, particularly for the small and medium businesses (SMB) who do not have the luxury of being staffed with cyber risk experts. Therefore the policyholders often do not take advantage of such free resources from the OAIC.
One of the proposed models is ‘dynamic excess’ where the policyholders are encouraged to follow the OAIC guidelines and submit information to their insurer as part of their cyber insurance underwriting process. The information submitted to the insurer will be used to triage an incident and accelerate the incident response process. To incentivise the policyholder, their claim excess will be ‘dynamically’ reduced.
According to Denny, “I expect to demonstrate empirically the net reduction in claim exposure to the insurers based on claim data from the acceleration in the incident response, resulting in shorter business interruptions to the insured”. Agile will offer brokers the option to include this policy benefit as a feature in their latest Cyber insurance product release, ‘CyberSelect’.
Content owner: Optus MQ Cybersecurity Hub Last updated: 02 Dec 2019 3:16pm