IAG has appointed Con Bakas as chief underwriting officer for its new Cylo initiative.

Underwriting agency Cylo will offer cyber insurance for businesses with annual revenue up to $10 million via CGU-affiliated brokers.

Mr Bakas has been at IAG almost a decade and formerly held roles at Wesfarmers Insurance and Chubb. 

He says he aims to deliver a product that is “both competitive and price-sensitive”.

Josh Shih will be market lead for the southern region and Antonio Texeira market lead for the northern region, while John Fong is finance and operations manager and Thomas Knowles is operations and underwriting specialist.

IAG partnered with claims manager Crawford & Company and US-based UpGuard on Cylo.

The agency covers damage to computer systems, business interruption, personal reputation and public relations costs, cyber extortion, privacy breach, computer crime, and loss from phishing or phreaking. It also offers third-party coverage for various sums incurred.