Intangic

In late March, VF Corporation—parent of The North Face and Timberland—disclosed that customer accounts had been exposed in a credential stuffing attack dating back to March 2023. This marks the company’s third known customer data breach in as many years. At Intangic, we view incidents like this through the lens of financial loss risk—beyond immediate incident response costs or regulatory fines. In a differentiated sector like retail, the financial impact of a breach isn’t always immediate or obvious. Brands like The North Face build loyalty through emotional connection—customers are buying into a lifestyle, not just a product. That kind of brand equity can soften the impact of a one-off breach, particularly when loyal customers are willing to see it as an isolated event rather than a systemic failure. This dynamic is quite different from non-differentiated sectors like airlines or hotels, where loyalty (and customer retention) often hinges on rewards programs. In those cases, a breach can directly undermine the very systems designed to retain customers. VF will soon find out if repeated breaches erode even strong loyalty—chipping away at the buffer that helps protect against customer loss and longer-term financial damage. More broadly, companies that take a financial lens to cyber risk, especially those that self-insure, are better positioned to understand what truly drives loss—and in turn, to price and manage that risk with greater precision. As we pointed out in the December edition of The Intangibles, because technology transforms each company and sector differently, a one-size-fits-all approach no longer works.

Ryan Dodd and Joshua Cryer DIP CII enjoyed some great discussions on cyber risk at European Captive Intelligence in Brussels today. Thanks to Richard Cutcher, Nick Morgan and the Captive Intelligence team for putting on a fantastic event.

Joshua Cryer DIP CII and Ryan Dodd look forward to discussing cyber with participants at European Captive Intelligence in Brussels next week. If you're attending, reach out to Josh to connect.

Joshua Cryer DIP CII and Ryan Dodd are attending the upcoming European Captive Intelligence event in Brussels on 25 March. They look forward to discussing the benefits of putting captives at the center of risk managers' approach to cyber risk. With more European companies making this shift, there's much to touch on, including pricing, retention levels and loss prevention. Send a message if you’d like to meet up at the event!

Cyber risk continues to evolve rapidly, particularly for large enterprises, and captives are increasingly central to effective risk management—with Europe helping lead the way. That's why we're happy to be Partner Sponsors of European Captive Intelligence in Brussels on 25 March. Looking forward to engaging with risk managers across Europe in a couple of weeks. Joshua Cryer DIP CII Ryan Dodd

Cyber risk is constantly evolving, especially for large corporations, and captives are playing an increasing role in managing it effectively. CEO Ryan Dodd and Joshua Cryer DIP CII are excited to speak on this at the Airmic (Association for Insurance & Risk) Captives Forum on Wednesday in London. Reach out directly to Josh to connect.

We are proud to be a Gold Sponsor at the Airmic (Association for Insurance & Risk) Captives Forum on 5 March in London. Join Ryan Dodd and Joshua Cryer DIP CII as they discuss key cyber challenges for #captive owners. Looking forward to great conversations—see you there! 👇

Ryan Dodd and Joshua Cryer DIP CII are looking forward to speaking on cyber risk at the upcoming Airmic (Association for Insurance & Risk) Captives Forum on 5 March at Lloyd's. Topics will include how data can be used by captives to better inform risk retention and pricing decisions. Looking forward to insightful discussions - see you there. #captives #cyberrisk

It was wonderful to co-host our latest Cyber and Captives dinner this week in London with Richard Cutcher and Captive Intelligence. It's clear that cyber is increasing in importance, and there is a desire for more tools and information on the evolving risks and exposures it presents. Thank you to a great group of risk managers for joining us for the evening. Please reach out to Joshua Cryer DIP CII if you are a risk manager desiring to join the next gathering. cc Ryan Dodd

Great to be partnering with Captive Intelligence on the upcoming European Captive Intelligence in Brussels. CEO/Founder Ryan Dodd will be speaking on key pain points for captive owners like independent risk assurance and pricing. Joshua Cryer DIP CII and Ryan look forward to spending time with the growing European captive community. Join us. cc Nick Morgan