Hiscox Sharpens Cyber Focus With Creation of Virtual Business Unit

LONDON, England, Dec. 4 -- Hiscox, an insurance provider, issued the following news release:

Specialist global insurer Hiscox has sharpened its focus on cyber by creating a virtual business unit (vBU) to draw together the expertise of its 70 cyber staff across the business and drive its ambitions in cyber across the Group.

Hiscox Group CUO Richard Watson, explained: "Cyber risk is a massive global challenge, and exactly where insurers can prove their worth. We have a strong brand, responsive products, the right customer base and good people in key geographies already. In bringing them together we hope to realise our ambitions in this critical area."

Hiscox currently sells cyber-specific products via brokers and carriers through its European, US, London Market and reinsurance operations, as well as direct-to-consumers through its UK retail business. Its cyber products are focused on protecting businesses of all sizes - from entrepreneurs to multi-nationals - as well as individuals. The cyber vBU will provide dedicated cyber resource and be responsible for ensuring a consistent Group-wide approach to product development, service offering, branding and marketing, underwriting appetite, pricing, rating approach and aggregation / reinsurance protections.

A number of senior appointments within the vBU have already been made, with other roles currently being recruited for:

* Gareth Wharton, previously Hiscox Group CTO/CIO, has been appointed Cyber CEO. He will lead the cyber vBU, ensuring consistency and co-ordination across the Group's cyber teams. Drawing together resource and experience from around the Group, Gareth will be in charge of developing the cyber service proposition and delivering it to customers in the most seamless and efficient way.

* Matt Webb, who has been underwriting at Hiscox for 12 years, has been appointed Cyber CUO and London Market Line Underwriter for cyber. Both roles will benefit from his vast underwriting experience, particularly the London Market which remains the pivotal market place for the largest and most challenging cyber risks in the world.

* Craig Dunn has been appointed Head of Cyber Services, and will be responsible for providing Hiscox's cyber customers with effective risk management solutions to help them better manage their exposure. Craig previously worked at CFC Underwriting as a cyber analyst, providing threat intelligence and technical assistance to the incident response team, and as a counterterrorism and law enforcement consultant, focussing on data protection, data privacy and countering online radicalisation.

In addition, Hiscox has appointed dedicated experts for the vBU including a Head of Cyber Pricing, Head of Cyber Claims, Cyber Analyst, and a Marketing, Communications and Sponsorship Coordinator.

In the UK, James Brady has been promoted to Deputy Head of Specialty for Hiscox UK and Ireland, broadening his remit as Head of Media to take on responsibility for the insurer's UK and Ireland cyber offering. James joins Dan Burke, Cyber Product Head for Hiscox USA and Alex Rudolph, Head of Professions and Speciality Commercial with overall responsibility for cyber in Europe.