San Francisco, California- September 26, 2022 – Resilience, the next-generation cyber risk company that’s on a mission to help the world become cyber resilient, has expanded its global offering by launching a new operation in London to serve the UK market. This development comes at a time of growth for the company and follows a swathe of senior hires drawn from the UK’s most reputable insurance, intelligence, and cybersecurity organizations.
In a deal brokered by Lockton Re LLP, this expansion is backed by a capacity agreement with HDI Global Specialty SE, for Resilience to enter the UK market.
Resilience’s leadership in the cyber insurance and cybersecurity sectors is unparalleled. Founded in 2016 by US military veterans and augmented by leaders and innovators from the insurance and technology industries, Resilience is rewriting the rules of how cyber risk is assessed and managed for companies. By capitalizing on the crossover between connecting stronger cybersecurity visibility with enhanced insurance coverage, Resilience uses its proprietary platform and data from real-world incidents to help clients;
- Clarify the threats they should prioritize
- Give context to the risk that matters to their business
- Quantify their investment across risk transfer and mitigation
- Be financially covered with a modular insurance policy and contract certainty
- With counsel from in-house experts in incident response and security operations, and
- Access to a community of peers and specialists.
It’s driving continuous improvement in how a company’s risk transfer, cybersecurity visibility, and cyber hygiene plan come together to manage their cyber risk holistically – the more secure a client is, the broader the coverage and lower the premiums the client becomes eligible for. This new approach helps companies become cyber resilient and, in turn, helps Resilience keep incident rates low.
“The last couple of years made it clear: you can’t separate your cyber insurance from your cybersecurity if you want to manage your cyber risk correctly,” said Vishaal Hariprasad, CEO and Co-Founder of Resilience. “We’ve instead got to break the silos across Risk, Cybersecurity, and Financial experts at a company and look at cyber risk holistically. Our goal is cyber resilience: continuously improving companies’ risk profiles by connecting their coverage with their cybersecurity plan to reinforce great cyber hygiene. What we propose is dynamic: reduce the risk, reduce the risk transfer cost, reduce the severity of a breach, reduce the risk to partners, and improve your business’s agility and competitiveness. That’s Resilience’s mission.”
Partnering with Hariprasad is insurance industry leader Mario Vitale, President of Resilience Cyber Insurance Solutions, who has an impressive track record of building organizations worldwide, including in the UK. From leading Willis Towers Watson to Zurich Financial Services, Vitale brings more than 40 years of experience in various senior leadership positions across the insurance industry.
“To rewrite the rules of how companies manage their cyber risk, you need innovative thinking and a new approach to it,” commented Vitale. “That’s why we’re so excited by our recent UK leadership hires, who integrate the UK and European cyber underwriting expertise with deep cybersecurity experience. Every company’s cyber risks are both unique and local, as well as universal and global. Our combination of expertise gives us the unrivaled ability to work with truly holistic thinking around a company’s cyber risk posture. And most of all, we are proud to always be broker-first – we roll up our sleeves and work with our broker partners to find the right solution for clients.”
“We’ve been impressed by Resilience’s client focus and the leadership and underwriting teams they’ve assembled,” added James Franklin, Cyber Lead for HDI Global Specialty SE, UK. “This offering represents a commendable example of where well-established socio-technical security and insurance-based risk management techniques can come together. ”
Leading Resilience’s expansion is Kyle Bryant, International Chief Underwriting Officer. Prior to joining Resilience in 2021, Bryant was responsible for Chubb’s Overseas General Insurance, where he oversaw the strategy, development, and financial performance of the Cyber and Technology lines of business in international markets, based out of London.
To prepare for this market launch, Resilience has made multiple strategic hires throughout the second and third quarters of 2022, including newly appointed Head of International Distribution and Strategy Jack Jenner (formerly of global financial institutions Allianz and Zurich), as well as other senior underwriting professionals with experience drawn from Allianz Global Corporate & Specialty, Chubb, and Tokio Marine Kiln. Providing key UK cybersecurity expertise and insights are UK Armed Forces veteran turned security professional Simon West and other industry professionals from cybersecurity companies.
It is estimated that the global cost of cyber-attacks will reach $10.5 trillion by 2025, presenting an egregious threat to commercial growth and economic security. Despite such growing threats, the UK market remains less developed than the United States, with the insurance sector representing only 10% of the global market. The UK market is significantly under-served, presenting a commercial opportunity to help the country’s businesses protect themselves from the ever-growing cyber-risk threat. Resilience looks forward to partnering with brokers to help enterprises across the UK become cyber resilient.