The enhanced capacity is the outcome of a strategic collaboration with industry giants RSA Insurance and R&Q Accredited, reinforcing Resilience’s prowess in tackling the ever-growing complexity of cyber threats prevalent in these regions. The partnership is poised to revolutionise the cyber insurance landscape, offering a robust defense against the evolving tactics of cyber adversaries.
Resilience distinguishes itself from traditional insurance firms by fostering partnerships with clients and brokers that transcend conventional transactions. Their cyber risk solution empowers clients to monitor, interpret, and mitigate cyber risks seamlessly and economically.
In a notable achievement in 2022, all clients using Resilience’s cyber risk management solution successfully avoided making ransomware extortion payments. Furthermore, the overall likelihood for clients to face extortion was half the market average, as evaluated by Coveware. These triumphs played a pivotal role in achieving a loss ratio three times lower than the industry average in 2022.
So far, Resilience has secured over US$225 million in funding, providing primary and excess coverage across the US, UK, Canada, Ireland, Italy, Spain, and the Nordics. Their services cater to clients with revenues spanning from $100 million to $7.5 billion across various industries.
A recent report by the EU Agency for Cybersecurity (ENISA) casts a stark light on the current state of cyber preparedness. Shockingly, 75% of Operators of Essential Services (OESs) surveyed lack insurance coverage for cyber incidents. This revelation emphasizes a significant gap in addressing the financial aftermath of threats like ransomware and underscores the urgent need for more comprehensive insurance solutions.
As businesses navigate the intricate web of cyber threats, Resilience’s bold move to extend its cyber insurance coverage to £10 million stands as a beacon of reassurance. It not only marks a milestone in the company’s commitment to cyber resilience but also signals a transformative shift towards a more secure digital future for enterprises across the UK and EU.
Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience, highlighted the worldwide scope of cybercrime and the escalating difficulties encountered by enterprises: “When enterprises adopt a cyber resilience approach, they can withstand digital attacks without compromising their ability to deliver value. With this expanded capacity, we’re excited to have Rehan Hussain and Tom Ryan lead our major expansion efforts.”
Rehan Hussain, recently appointed as the Head of Underwriting for International at Resilience, highlighting the need for not only expanded capacity but also for innovative solutions that go beyond conventional insurance offerings.
“Managing cyber risk effectively requires a partnership mentality,” he stated. “RSA and Accredited enable us to expand our collaboration with clients, building on the success of the Resilience Solution over the past year.”
Speaking about the partnership, Steve Watson, Managing Director UK Specialty Lines at RSA Insurance, explained: “Resilience are leaders in this space, and with a shared focus on building client resiliency, we look forward to working closely with them to bring these solutions to brokers and customers.”
Magnus Heimann, CUO of Accredited, also commented, saying: “We are delighted to begin this new partnership with Resilience and RSA. We look forward to supporting the partnership’s future ambitions in the cyber market.”
Author: Joanna England