Greg Hendrick, CEO of Vantage Group Holdings Ltd. (“Vantage”) had the honor of participating in closed session cybersecurity discussions at the White House today with President Biden, members of his cabinet and national security team, and private sector and education leaders.
The initiative was an early part of the Biden-Harris Administration’s vitally important effort to tackle this challenge to national security. Recognizing that governments alone are not positioned to disrupt and deter the sophisticated ransomware attacks that continue to impact assets and infrastructure globally, President Biden and his national security council are seeking valuable consultation and informed input from the private sectors to understand how they can work together to collectively improve the nation’s cybersecurity. This comes on the back of decades of exponential growth in global cyber activity and connectivity, and at a time when much of our economy is rooted in electronic mediums that are vulnerable to increasingly sophisticated, malicious cyber attacks. Incidents of this nature affect the economic security of businesses and families in every part of the nation. A nation-wide collaborative effort is therefore required to make solid progress toward de-escalating and deterring these threats. Vantage Group is pleased to play a critical role in this most challenging and important effort.
Today’s panel on “Building Enduring Cybersecurity” was co-Chaired by Department of Commerce Secretary Gina Raimondo and Small Business Administrator Isabel Guzman. Joining Mr. Hendrick on this panel from the Insurance sector were CEOs from Coalition, Resilience and Travelers, and Technology sector participants included CEOs from Google, Amazon, Apple, Microsoft, IBN and ADP. Discussion topics addressed securing the software supply chain, digitization of small businesses, insurer incentivizing adoption of good cybersecurity practices, and thinking differently about technology product use to prevent cyber incidents.
Mr. Hendrick brought to the table his perspective and insights gained from more than 30 years of leadership experience in global insurance and risk management. Vantage’s mission is to see risk differently and the Vantage team is keenly interested in finding ways to address risks others avoid.
Commenting on the importance of this perspective, Mr. Hendrick said, “By tackling current issues that disrupt businesses and place assets at increased risk, leaders can better understand the potential impact of those risks. There is opportunity in proactively understanding and identifying ways to mitigate the outcomes of threats such as cyber security breaches. By broadly sharing data about those efforts in a consistent, organized way, we can gain valuable insights to help mitigate and avoid these risks. The team at Vantage approaches complex issues such as this with relentless curiosity and creativity. We are pleased to share perspectives through private/public partnerships like this that can accelerate improvements and achieve broad national impact.”
Mr. Hendrick added, “The insurance industry can play a vital role by bringing a more risk-based approach to providing coverage and pricing of cyber insurance. We need to be prepared and mitigate what has yet to be seen; a true catastrophic scenario where an attack is able to impact thousands of companies. While the federal government is prioritizing and elevating cybersecurity like never before, the private sector should be taking the same approach. Turning all the stones over and working together to help solve this complex, growing international threat is undoubtedly the best way forward.”
Vantage Group Holdings Ltd. (Vantage) is a re/insurance partner designed for the future. Driven by relentless curiosity, our team of trusted experts provides a fresh perspective on our clients’ risks. We add creativity to tech-enabled efficiency and robust analytics to address risks others avoid.
The Carlyle Group and Hellman & Friedman, global investment firms with successful track records and experience in the re/insurance industry, are lead investors.
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