SAN FRANCISCO, CA, October 4th, 2023 – Cyber risk solution provider Resilience announced today an expansion of its underwriting capacity limits to £10 million for insureds in the United Kingdom and European Union. This increase in capacity is made possible through a partnership with RSA Insurance and R&Q Accredited. This additional capacity adds to the existing capabilities of Resilience in the U.K. and E.U. supported by HDI Global Specialty.
As cyber threats to U.K. and European enterprises grow increasingly complex, the traditional security response has been continually “firefighting”, rather than a strategic risk management approach to cyber threats. A recent report by the E.U. Agency for Cybersecurity (ENISA) found that due to perceptions of unreasonable pricing and disadvantageous coverage, 75% of Operators of Essential Services (OESs) surveyed do not currently hold insurance coverage for cyber incidents. This illustrates both a significant gap in the ability of critical entities to manage the high financial impact of threats like ransomware, and the failure of existing insurance products to meet the needs for managing this risk.
“The data is clear. Cybercrime is a global problem and threats from criminal actors are becoming more and more difficult for enterprises to defend against,” said Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience. “When enterprises adopt a cyber resilience approach to balance their risk acceptance, risk mitigation, and risk transfer, they can take a digital hit without it impacting their material ability to deliver value. With this increase in our capacity, I’m also incredibly excited to have Rehan Hussain, Head of Underwriting for International and Tom Ryan, Head of Cyber for UK, Ireland, & the Nordics both step up into new roles to guide this major expansion.”
“We have heard the demand in the U.K. and E.U. markets not only for more capacity, but also for a different solution beyond simply insuring away cyber risk,” said Rehan Hussain, newly appointed Head of Underwriting for International. “Managing this risk effectively requires a partnership mentality and approach. RSA and Accredited enable us to expand our work with our clients building on the success we have seen with the Resilience Solution over the past year.”
“We’re delighted to build on our partnership with Resilience and work with them to bring their cyber risk solutions and unrivaled level of expertise to the UK and European markets,” said Steve Watson, Managing Director UK Specialty Lines, RSA. “The cyber environment is a complex and changing one and Resilience are leaders in this space. With a shared focus on building client resiliency against cyber risk we look forward to working closely with them to bring these solutions to brokers and customers.”
Magnus Heimann, CUO of Accredited, added “We are delighted to begin this new
partnership with Resilience and RSA. We have been impressed with Resilience’s expertise
and growth to date and we look forward to supporting the partnership’s future ambitions in
the cyber market.”
While traditional insurance companies focus on selling policies, Resilience builds partnerships with clients and brokers beyond the bounds of the traditional insurance transaction. The company’s cyber risk solution helps clients track, translate, and transfer their cyber risk in an integrated and economically-efficient manner. The results of this novel approach to partnering with clients have been impressive. In 2022, 100% of Resilience’s cyber risk management solution clients were able to avoid making a ransomware extortion payment and clients overall were half as likely to need to pay an extortion as the market average measured by Coveware. This success led to a loss ratio that was three times lower than the 2022 industry average.
RSA Insurance’s support of Resilience comes from its existing relationship with Intact Financial Corporation (TSX:IFC), RSA’s parent company, which recently led Resilience’s $100 million equity financing round through its venture arm. The new funding was raised to accelerate global expansion and scale the adoption of Resilience’s holistic cyber risk platform, the Resilience Solution, which launched earlier this year. Resilience has raised more than $225MM in prior funding and is now available for primary and excess coverage in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics for clients with revenues from $100M to $7.5B in most classes. Clients can speak to their broker today about how the Resilience Solution can support their cyber risk management or visit www.cyberresilience.com.
Resilience is the cyber risk solution company that’s on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the U.S. military and intelligence communities, and augmented by prominent leaders and innovators from the insurance and technology industries, Resilience helps financial, risk, and information security leaders balance their company’s risk acceptance, risk mitigation, and risk transfer to continuously improve their organizations’ Cyber Resilience.
Resilience is proud to be backed by leading technology investment firms including Lightspeed Venture Partners, Intact Ventures, General Catalyst, Founders Fund, CRV, and Shield Capital. With headquarters in San Francisco, Resilience’s team has a global footprint across New York, Chicago, London, Toronto, Baltimore, and Los Angeles. Resilience offers insurance coverage through its licensed and appointed insurance agents and security services through its expert security team.