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Swiss Re, Capsicum Re introduce Decrypt cyber reinsurance

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Swiss Re and specialist reinsurance broker Capsicum Re have created a new cyber reinsurance solution called Decrypt which they say is the first to help insurers identify and manage their cyber risk exposures as well as meet growing regulatory and internal requirements.

Decrypt, which promises a single, flexible solution to insurers’ cyber exposure challenges -- including embedded, silent, and affirmative cyber risks -- was brought to market at the Monte Carlo Rendez-Vous yesterday.

"Decrypt gives insurance companies a unique understanding of their portfolios' affirmative and silent exposures, and offers protection against the aggregation of cyber losses across different lines of business," said Anthony Cordonnier, Head Cyber Product Management at Swiss Re.

Decrypt's modular approach is comprised of risk identification, quantification and transfer.

It offers a lead line from Swiss Re of up to $US50 million ($74.39 million) per client with the support of a growing pool of risk transfer capacity.

Decrypt is expected to bring Swiss Re and panel reinsurers greater clarity and insight to better offer bespoke risk transfer solutions and meet specific needs.