Resilience, a leading provider of cyber risk solutions, is expanding its portfolio to cater to large enterprises with annual revenues exceeding $10 billion. This strategic expansion offers broker partners enhanced options to address the intricate cyber risks faced by high-revenue clients.
Since its inception in 2020, Resilience has been dedicated to offering cyber liability insurance alongside technology errors and omissions coverage for businesses navigating the constantly evolving cyber threat landscape. This expansion is facilitated through a partnership with Accredited Insurance, supported by a robust panel of global cyber reinsurers.
George Kotsiopoulos (pictured left), president of Insurance at Resilience, shared insights on the transformation within the cyber insurance market. “The future of cyber insurance is not just about responding to cyber losses but also about preventing them,” he said. This expanded capacity empowers broker partners to present Resilience as a viable choice for large accounts, aiding in the management of more complex cyber risks. Our collaboration with Accredited enables us to meet the burgeoning demand for quality solutions in the market.
Resilience’s innovative approach to cyber risk management has been embraced by over 10% of US enterprises with annual revenues exceeding $1 billion.
The expansion comes as enterprises grapple with escalating cybercrime rates and increasing third-party business interruption risks. A 2023 survey by Gartner revealed that over two-thirds of enterprises have augmented their budgets, tools, and resources to tackle third-party risks. A third of large enterprises reported budget increases exceeding 25% for third-party cybersecurity.
According to Resilience’s 2024 Cyber Risk Report, third-party related claims constituted 31% of all cyber claims, with 23% of material losses attributed to third-party risks. Ransomware continued as a predominant loss source, with 43% of claims involving first-party ransomware incidents. Furthermore, ransomware targeting vendors emerged as a significant cause of business interruption, accounting for 18% of claims.
Resilience provides a comprehensive approach to managing these risks, boasting underwriting capabilities that have led to an industry-leading loss ratio. The company offers in-house claims handling for direct and priority incident management, a risk operations center to assess first- and third-party risks, and a cyber decision platform to assist clients in managing cyber threats.
Mario Vitale (pictured right), president of Resilience, noted that traditional insurance solutions often emphasize portfolio performance rather than addressing the specific needs of large enterprises. “Resilience offers an integrated approach to risk management, delivering clients greater visibility and responsiveness to cyber threats,” he explained.
Vitale further emphasized that Resilience’s capability to offer continuous risk intelligence and in-house claims management has resulted in increased adoption by enterprise clients. “From risk modeling to incident management, Resilience presents a more comprehensive solution than traditional providers,” he added.
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