Insurance for a better world

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In 2018, The Geneva Association initiated a study to explore the opportunity of building an international cyber claims and cyber incident database, the Cyber Incident Data Exchange and Repository (CIDER). By giving insurers access to a pool of anonymised data, such a tool would aim to assist them in better understanding threat vectors and impacts and in improving their ability to protect people and businesses from cyber incidents.

The Geneva Association’s work on this has included engaging more than 100 insurance professionals, organised in four expert groups, to assist in developing the project’s concept and proposed business structure and in determining the IT requirements. With this network, the GA also further developed the taxonomy needed to operate the database and tested it with a number of insurers.

CIDER is now moving from the conceptual to operational stage. The GA has developed a full proposal for CIDER’s operating model: its legal and governance structures, IT requirements and taxonomy and a business plan.

To ensure the database has maximum relevance and impact for the insurance industry, a consortium of global insurers and reinsurers, led by Munich Re, will take over leadership of the project’s implementation.

Dr Jürgen Reinhart, Chief Underwriter Cyber for Munich Re, commented, “Munich Re sees the CIDER project as a key contributor to the growth of a healthy cyber insurance market. By leading the next stages of project, we are proud to reaffirm our commitment to it.”

Shanil Williams, Global Head of Financial Lines & Cyber at Allianz Corporate & Specialty (AGCS), said, ”With our customers facing increasing cyber risks, we are seeing the demand for corresponding insurance solutions. However, a prerequisite for serving these needs is sufficient data—to appropriately assess the risks, identify trends and recommend threat mitigation measures. This is why the CIDER project is an important initiative which Allianz supports as a consortium participant.”

CIDER is the first project of its kind to be collectively owned and driven by the insurance industry.

In 2020–21, The Geneva Association Secretariat will focus its cyber work on the economic and societal importance of cyber resilience and the conditions for cyber insurability.