Cyber risk solutions firm Resilience, with the support of Accredited Insurance, has introduced coverage for Technology Errors and Omissions (Tech E&O) for clients with more than £50 million or €25 million in annual revenue in the UK and Europe, respectively.
Under this coverage, Resilience protects hardware, software, telecommunications providers, and web services, with limits up to £10 million or €10 million available for the UK and Europe, respectively, for both primary and excess placements.
In a Resilience and YouGov joint survey of IT and security leaders in UK companies with greater than £100 million in annual revenue in Q4 2024, business interruption was the primary concern for 72% of enterprises. It was also cited as the leading cause of claims for UK businesses, with 38% filing such claims.
Tech E&O supports clients in mitigating and covering liability arising from technology products and services, allowing for better cyber resilience.
Resilience’s solutions aim to provide clients with financially proven risk models, data-driven cyber action plans, and support from experienced underwriting and claims teams.
The cyber risk firm is also expanding capacity to clients with more than £10 billion or €10 billion in annual revenue, providing broker partners with more options in servicing clients’ complex cyber risks, the company said this week.
According to Resilience’s 2024 UK survey, twice as many large firms when compared to their smaller counterparts view vendor due diligence as effective, and large businesses are more likely to consider vendor outages a key concern.
As vendor risk makes up nearly a quarter of Resilience’s material claims in 2024, enterprises must protect against more complex risks to prevent losses.
Jack Jenner, Managing Director, International Insurance, Resilience, commented, “Technology is embedded in every company’s operations and technology companies deserve a partner that understands their complex needs and can help them stay ahead of evolving threats. Our new Tech E&O coverage, alongside our existing cyber insurance and cyber risk quantification software offerings, provides a more holistic and integrated risk management solution to our clients.”
