The evolution of cyber insurance in the Lloyd’s market has taken a step forward with the announcement that AEGIS London is the first Lloyd’s syndicate to recruit cybersecurity experts from the security and defence sector as an integral part of its cyber product and service offering.
Joe Hancock and Daniel Carr both join AEGIS London from BAE Systems, the defence, security and technology specialist. Their joint role at AEGIS London will be to provide insight into the very latest developments in cybersecurity and offer their knowledge to the syndicate’s broker partners and clients.
Both take up their new posts with immediate effect, reporting to Rick Welsh, AEGIS London’s Head of Cyber Insurance.
Joe Hancock was previously a Senior Manager at the BAE Systems Applied Intelligence division leading the Energy Cybersecurity consulting area. Having worked in both industry and academia, Joe joined Deloitte LLP’s Enterprise Risk Services team in London before moving to BAE Systems. He has experience in assessing and mitigating cybersecurity risk across a range of sectors and technology areas.
Daniel Carr began his career with the UK’s Ministry of Defence in a range of security roles before joining the BAE Systems Applied Intelligence division. His experience includes securing high-end military systems, developing government cyber risk management frameworks, and advising on critical national infrastructure across numerous sectors.
Rick Welsh, Head of Cyber Insurance with AEGIS London, added: “We’ve brought in Joe and Dan because of their first-hand cybersecurity and technical expertise, and their relationships with the wider security community.
“While they will be working alongside our cyber underwriting team, their role is primarily outward-facing – analysing global cyber developments and liaising with their peers in the defence and security sectors. Our aim is to provide a deep level of cyber expertise that’s both currently unique and unrivalled anywhere else in the insurance market. This reinforces our position of supporting strong risk management and cybersecurity for our clients.”
David Croom-Johnson, Active Underwriter at AEGIS London, said: “Cyber liability is evolving rapidly and presents one of the greatest opportunities to the market. Over the next five years, we’re going to see challenges and opportunities in this sector with distinct winners and losers. The key is going to be possessing real insight into the risks posed by cyber and how it impacts all traditional classes of business.
“In such a volatile and fast-moving environment, knowledge is the key – knowledge of the evolving cyber risks, and knowledge of the true extent to which cyber can impact an insurer’s portfolio. While some in the market are wary of cyber and liken it to a dangerous iceberg, at AEGIS London, we believe, with the right knowledge and skill-set, cyber is to be embraced. If Lloyd’s does not seize this moment, other markets will.”
In April, AEGIS London launched CyberResilience – the first cyber insurance solution for the energy and critical infrastructure sectors to protect against both traditional cyber risk, such as privacy and data loss, as well as threats to Operational Technology, such as physical damage and bodily injury. The business is now developing a suite of related cyber solutions to launch in the coming months.
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