Liberty Mutual Insurance is launching a Global Risk Solutions Global Cyber Office, the company announced Friday.
The office will build and scale its cyber capabilities worldwide, bringing a multidisciplinary approach to a complex risk that spans industries and geographic areas.
“Liberty Mutual Insurance set a strategy to build and scale its capabilities to offer effective cyber insurance coverage and mitigation to companies around the world,” GRS Insurance Solutions President Liz Geary said via email.
The announcement comes at a time of heightened pressure on the cyber insurance industry, as the private sector has faced increasing ransomware attacks and the war in Ukraine has raised questions about threats to critical infrastructure, particularly in countries linked to supporting the effort.
“The threat of cyber risk poses a significant challenge for companies globally, affecting businesses of all sizes and sectors,” Geary said. “Cybersecurity professionals are faced with the task of bringing together a multitude of internal and external resources to develop and maintain an effective strategy for managing cyber risk.”
In recent months however there has been some indications of market stability. In October, Marsh released data showing the rate of premium increases was starting to slow down.
Geary will lead the office until the company names a global head of cyber, who will in turn report to her. The company also made several key appointments to build out the leadership of its cyber office.
- Dan Frusciano, North America head of cyber underwriting, oversees cyber underwriting strategy for the U.S., Canada and Bermuda.
- Matthew Hogg, global cyber product leader, oversees cyber product development, standards, training, pricing and profitability.
- Derrick Lewis, global head of cyber advisory services, will develop the framework and tools for enhanced risk identification for selection, response and consulting services for underwriters, claim professionals and insureds.
- Ivonne Staisch, Liberty Mutual Reinsurance, head of cyber underwriting, will oversee cyber underwriting strategy for the company’s global reinsurance business.