The index has been a pivotal resource for reporting on cyber losses within the US primary cyber market, specifically those exceeding $500m. Credit: Alfa Photo/Shutterstock.

The US Cyber Industry Loss Index, a joint initiative by Swiss-based PERILS and US-based CyberAcuView, is set to expand its scope to include unintentional (accidental) cyber loss events.  

This enhancement will take effect from 1 October 2024, broadening the index’s coverage beyond intentional (malicious) systemic cyber events. 

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Since its inception in September 2023, the index has been a pivotal resource for reporting on significant cyber losses within the US primary cyber market, specifically those exceeding $500m.  

This data has proven valuable for insurance-linked securities (ILS) and industry loss warranties (ILW) in cyber-related transactions. 

PERILS stated that the decision to include unintentional cyber events was made after extensive consultations with key industry stakeholders that have been instrumental in shaping the index’s development.  

The feedback has been vital in understanding the industry’s needs and the index’s potential applications, the Swiss catastrophe insurance data provider said.  

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However, the company said that the methodology used to report intentional cyber events will remain intact and will now also apply to unintentional events that result in industry losses of more than $500m.  

PERILS Cyber head Darryl Pidcock said: “Since launch 12 months ago, we have invested considerable time in actively engaging with industry stakeholders, with [the] index already being used for both ILW and ILS transactions and with new transactions in the pipeline.  

“That engagement is not only critical to increasing its use but also expanding its scope. Our decision to widen the remit of the index to unintentional cyber incidents was a direct result of our continuous market dialogue.”  

Both CyberAcuView and PERILS will collaborate to determine whether an event is intentional or unintentional, mainly on the basis of an incident’s primary cause. 

CyberAcuView CEO Mark Camillo added: “We believe this will further support the industry’s ongoing need for more cyber data to facilitate improvements in modelling and ensure long-term availability of cyber market capacity.  

“We feel the addition of unintentional loss reporting can play an important role in enabling the expansion of the cyber-ILS and ILW markets.” 

CyberAcuView, established in June 2021 by cyber insurers, plays a crucial role in compiling and analysing cyber-related data with the aim of improving overall resilience to cyber risks.