Ariel Re and Hiscox Re & ILS have created CyberShock, a cyber catastrophe consortium. The consortium aims to provide US $50 million per program capacity for global cyber insurers. It offers event-based protection for significant cyber incidents, enhancing the certainty of coverage. The collaboration leverages Ariel Re’s property catastrophe risk experience and Hiscox Re & ILS’s cyber expertise. This initiative is set to address the challenges in the cyber insurance market by offering scalable solutions for systemic risks.