Hylant Establishes First Cybersecurity Cell Captive in Partnership with CloudCover
Hylant has announced the establishment of the world's first cybersecurity "rent-a-captive" insurance program known as the CloudCover CyberCell™.
February 15, 2023
Toledo, OH February 13, 2023 – Hylant, in partnership with CloudCover™, has established the world's first cybersecurity cell captive insurance program known as the CloudCover CyberCell™.
Over the past decade, significant underwriting insurance losses from the rise in cyber-attacks has led to rising premiums devastating companies. This “rent-a-cell” captive will provide much-needed coverage to those companies.
"The CloudCover approach involves renting a captive insurance vehicle from CloudCover Re as an alternative to conventional cyber insurance,” said Anne Marie Towle, leader of Hylant Global Captive Solutions. ”This is where the beneficial relationship with CloudCover can begin.”
The CloudCover CyberCell Captive™ is a formal structure to affordably finance self-insured cyber risks. For the enterprise executive, this is ground-breaking. For the association executive suite, the potential liability resulting from cyber-attacks is not only diminished, the cost and accessibility of cyber insurance are more affordable and manageable. This partnership will allow Hylant clients to provide risk mitigation value to its members in the form of more affordable cyber insurance premiums with more inclusive coverage. This improved cyber insurance coverage results from the insured employing CloudCover's AI-generative, automated microsecond network detection security platform.
"Unlike conventional cyber insurance offerings, the CloudCover CyberCell captive insurance program operates as a creative answer for any large enterprise or association who is searching for an alternative approach to cyber insurance that provide lower costs while improving the coverage limits...while increasing cybersecurity protection for participating members," says Stephen Cardot, CEO of CloudCover.
At the core, captives are risk-management vehicles; licensed insurance companies owned by non-insurance organizations to finance risk. Adopted as a long-term strategy, a captive allows organizations to take advantage of better-than-average claim history, secure traditionally difficult-to-obtain risk coverage and explore alternative risk-financing solutions. Through a captive, an organization can strengthen its financial performance as well as its balance sheet, while protecting participating members' digital assets.
The CloudCover partnership allows clients to use the AI-engineered CloudCover CyberSecurity Platform, which empowers those entities who seek to reduce cyber insurance costs and provide themselves and their members with advanced security and unique cost controls while creating new revenues. This partnership allows Hylant clients to take advantage of new opportunities they would not have otherwise had before.
CloudCover is a full-telemetry AI-generative platform which has reimagined how cybersecurity can protect network infrastructure. By delivering the most advanced extended network prevention solution that eliminates malware threats at microsecond-response speeds, CloudCover is second to none. CloudCover offers a network-centric embedded cybersecurity platform that addresses risk aware, risk control, and risk transfer elements in real time. For the first time, CloudCover clients not only will be able to protect themselves against cyber-attacks but are offered a captive-based self-insurance solution that is designed specifically for the very large enterprise and associations that wish to provide more value to their member customers who are finding it more difficult to access today affordable cyber insurance.