CloudCover Re, Inc. (subsidiary of CloudCover®) announced today the establishment of the world’s first cybersecurity “rent-a-captive” insurance program known as the CloudCover CyberCell™. This cyber security captive insurance offering is in partnership with Hylant Global Captive Solutions, who have never been more necessary, as cyber insurance solutions are lacking cyber coverage as premiums have dramatically increased over the past decade due to significant insurance underwriting losses which point to the rise in cyber-attacks that continue to devastate companies with the infamous data breach that include ransomware claims.
Put simply, a CloudCover CyberCell Captive™ is a formal structure to affordably finance self-insured cyber risks. For the enterprise executive, this is ground-breaking. For the association executive suite, the potential liability resulting from cyber-attacks is not only abated, but the cost of cyber insurance is now affordable and while creating new revenue. This partnership will allow associations, affinity groups and large enterprises to provide risk mitigation value to its members in the form of more affordable cyber insurance premiums with more inclusive coverage. This improved cyber insurance coverage results from the insured employing CloudCover’s AI-generative, automated microsecond network detection security platform.
At the core, captives are risk-management vehicles; licensed insurance companies owned by non-insurance organizations to finance risk. Adopted as a long-term strategy, a captive allows your organization to take advantage of a better-than-average claim history, secure traditionally difficult-to-obtain risk coverage, and explore alternative risk-financing solutions. Through a captive, an organization can strengthen its financial performance as well as its balance sheet, while protecting participating members’ digital assets.
The significance of our Hylant partnership, as our captive-management partners shall assist CloudCover Re’s CyberCell™ captive-insurance operations for CloudCover clients and their association members, affinity groups and enterprise’ customers who therein utilize the AI-engineered CloudCover CyberSecurity Platform. CloudCover thus empowers those entities who seek to reduce cyber insurance cost and provide themselves and their members with advanced security and unique cost controls while creating new revenues. All of these benefits can be realized within a CloudCover CyberCell™ cybersecurity insurance program.
“Unlike conventional cyber insurance offerings, the CloudCover CyberCell™ captive insurance program operates as a creative answer for any large enterprise or association who is searching for an alternative approach to cyber insurance that provide lower costs while improving the coverage limits…while increasing cyber security protection for participating members,” says Stephen Cardot, CEO of CloudCover. “The CloudCover approach involves renting a captive insurance vehicle from CloudCover Re as an alternative to conventional cyber insurance. This is where the beneficial relationship with CloudCover can begin,” adds Anne-Marie Towle, Global Captive Solutions Leader of Hylant.