Insurance Australia Group (ASX: IAG) Launches Cylo: A New Frontline Against Cyber Threats

May 22, 2024 04:07 PM AEST | By Team Kalkine Media

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Insurance Australia Group (ASX: IAG) Launches Cylo: A New Frontline Against Cyber Threats — Image source: Rawpixel.com, Shutterstock.com

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The insurance landscape is evolving rapidly, driven by the escalating risks posed by cyberattacks. In response to this growing threat, Insurance Australia Group (ASX: IAG) is stepping up its game, teaming up with industry leaders to introduce Cylo, a cutting-edge cyber underwriting agency.

During Wednesday’s afternoon trading hours, the share price of IAG surged by around 1% to AU$6.460. This surge in investor confidence followed the announcement of Cylo, a specialised cyber underwriting agency launched by IAG in collaboration with CGU Insurance, a trusted name with over 165 years of industry experience.

Cylo represents a pioneering endeavor in the realm of cybersecurity, offering a comprehensive risk management solution tailored to address the evolving cyber threat landscape. Backed by CGU Insurance, Cylo combines insurance coverage with proactive protection measures. Leveraging a strategic partnership with UpGuard, a leading cybersecurity risk management software provider, Cylo empowers customers to identify and mitigate vulnerabilities effectively. Additionally, IAG has enlisted the expertise of Crawford & Company, a renowned claims management firm, to ensure swift and efficient incident response capabilities.

While the scope of Cylo's protection is expansive, catering to the multifaceted needs of businesses grappling with cyber risks, it is primarily tailored for small businesses generating less than AU$ 10 million in annual revenue. Recognising the disproportionate impact of cybercrime on small enterprises, Cylo aims to provide accessible and affordable coverage, addressing the pressing need for proactive cybersecurity measures in this segment.

As cyber threats continue to escalate, the launch of Cylo by IAG underscores the imperative for proactive risk management solutions in safeguarding businesses against potential disruptions. As investors assess the evolving landscape, the unveiling of Cylo represents a significant milestone in IAG's journey towards cybersecurity leadership, offering compelling opportunities for growth and value creation in the burgeoning cyber insurance market.

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