Resilience, a leading cyber risk solution provider, has announced a significant expansion of its underwriting capacity to offer up to £10 million in cyber insurance coverage for clients across the United Kingdom and European Union.
This capacity boost is the result of a strategic partnership with RSA Insurance and R&Q Accredited, further enhancing Resilience’s ability to address the growing complexity of cyber threats faced by businesses in these regions.
Amidst the evolving landscape of cyber threats, many enterprises have traditionally employed a reactive “firefighting” approach rather than a proactive risk management strategy.
According to a recent report by the EU Agency for Cybersecurity (ENISA), a staggering 75% of Operators of Essential Services (OESs) surveyed lacked insurance coverage for cyber incidents.
This underscores the significant gap in managing the financial impact of threats such as ransomware and highlights the need for more comprehensive insurance solutions.
Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience, emphasised the global nature of cybercrime and the increasing challenges faced 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, newly appointed Head of Underwriting for International at Resilience, noted the demand for not only increased capacity but also innovative solutions beyond traditional 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.”
Steve Watson, Managing Director UK Specialty Lines at RSA Insurance, expressed enthusiasm for the partnership and the shared commitment to enhancing client resilience against cyber risks: “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, echoed this sentiment, stating, “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.”
Resilience sets itself apart from traditional insurance companies by cultivating partnerships with clients and brokers that go beyond the conventional transaction.
Their cyber risk solution helps clients track, translate, and transfer cyber risk in an integrated and economically-efficient manner.
Notably, in 2022, 100% of Resilience’s cyber risk management solution clients avoided ransomware extortion payments, and the clients’ overall likelihood of needing to pay an extortion was half the market average, as measured by Coveware. These successes contributed to a loss ratio three times lower than the industry average in 2022.
RSA Insurance’s support for Resilience stems from its existing relationship with Intact Financial Corporation, RSA’s parent company, which recently led a $100 million equity financing round for Resilience.
This funding was secured to accelerate global expansion and further promote the adoption of Resilience’s holistic cyber risk platform, the Resilience Solution, which launched earlier this year.
To date, Resilience has raised more than $225 million in funding and offers primary and excess coverage in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics for clients with revenues ranging from $100 million to $7.5 billion in most industries.
