Case 3: Protecting corporations against cyber impacts

Problem

Cyber risk threatens large corporations’ intangible assets, but the exposure is difficult and costly to insure.

Solution

Abnormal malicious cyber activity combined with poor stock-price performance triggers an insurance payment.

Data

Real-time malicious cyber activity for all publicly listed companies is monitored by Intangic MGA, with payouts independently calculated and verified by Skyline.

Structure

A specified claim payment is triggered when malicious cyber activity exceeds a threshold (trigger 1) and stock-market performance falters by a defined amount (trigger 2).

Partner

Intangic (underwriter, data provider, and principal client)
AXA XL (insuring partner)
Listed companies in US and UK (insureds)

Cyber threats are persistent and increasing, causing waves of intangible damage to large corporations. Skyline Partners was appointed by Intangic, a data science company, to design, develop and structure a parametric cyber insurance product utilising malicious cyber activity data from Intangic’s proprietary cyber intelligence platform. Skyline developed policy wordings, and now acts as the independent structuring and pricing agent for the cover. The insurance, backed by AXA XL, requires no traditional cyberattack, ransomware incident, or data breach to trigger policy benefits.