Captive management firm Roundstone has partnered with Dark Rhino Security to provide a comprehensive cyber insurance programme to deliver a backstop to the latter’s service agreement customer guarantee. Under the partnership, Dark Rhino Security’s clients will receive tangible risk reduction, rather than theoretical calculations, with material support resulting from cyber attacks. In addition, the cybersecurity firm will offer the opportunity for small- and medium-sized businesses to obtain cyber insurance coverage from their own secondary sources. This “defence in depth” approach is designed to lower the cost for a company to have multi-layered cyber processes, controls and technologies aligned to the National Institute of Standards and Technology’s framework. Roundstone group’s Bermuda insurance facility, Roundstone Insurance Ltd, provides insurance management, captive creation and consulting services to both offshore and domestic captive insurance programmes. Last August, Roundstone reported a cash distribution of almost US$10 million to participants in its group medical captive.
