Beazley boosts focus on cyber risk with new hire from Chubb

Global insurance group  Beazley has appointed a new leader for its US cyber and technology team.

Patricia Kocsondy (pictured) joins as head of US cyber and tech from Chubb, where she was a senior vice president responsible for errors and omissions and cyber underwriting across the group’s North American financial lines.

She has previously worked for Ace, the Federal Insurance Company, and The Hartford Financial Services Group.

In a statement announced Kocsondy’s appointment,  Beazley said the cyber risk landscape had “changed significantly” in the past two years.

“Ransomware has grown in frequency and severity and extortion demands have risen,” the company stated. “Cyber attacks have no boundaries, and organisations of all sizes are at risk of an attack. However, all too often incidents can be avoided with the right IT security and risk management procedures in place.”

High profile cyberattacks this year included the Kaseya hack, which saw between 800 and 1,500 business around the world affected by a ransomware attack on an IT outsourcing company.

Earlier this month, CNN reported that consultancy group Accenture had been hit by a ransomware attack, although the company said it had “contained the matter”.

Paul Bantick, head of global cyber and tech at Beazley, said of Kocsondy’s hire: “Patricia’s experience and expertise brings new insight to our team in the US as we work with our brokers and clients to help strengthen their cyber defences and mitigate risk.

“With Patricia’s leadership in the US, we look forward to continuing to strengthen our experienced cyber & tech practice as we evolve and enhance our 360° cyber protection and risk mitigation services for our clients.”

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