Cyber risk solutions leader, Resilience, has unveiled a new Technology Errors and Omissions (Tech E&O) insurance policy, aimed at businesses in the UK and Europe with annual revenues exceeding £50 million or €25 million, respectively. This initiative is backed by Accredited Insurance and targets enterprises operating within hardware, software, telecommunications, and web services sectors.
The newly launched coverage offers financial protection, with limits reaching up to £10 million or €10 million for clients in the UK and Europe, respectively. This applies to both primary and excess policy placements.
According to a recent survey conducted by Resilience in partnership with YouGov, which polled IT and security leaders in UK companies with revenues over £100 million, business interruption stands as the foremost concern for 72% of enterprises. Notably, it is also identified as the leading cause of claims among UK businesses, with 38% having filed related claims.
Tech E&O insurance helps organizations manage and cover liabilities associated with technology products and services, thereby enhancing their cyber resilience. Resilience’s services are designed to deliver robust financial risk models, data-driven cyber action plans, and expert support from seasoned underwriting and claims teams.
Furthermore, Resilience is expanding its capacity to accommodate clients with annual revenues exceeding £10 billion or €10 billion, offering broker partners more versatile solutions for managing intricate cyber risks, as announced by the company this week.
The 2024 UK survey by Resilience revealed that large firms are twice as likely as smaller ones to find vendor due diligence effective. These larger enterprises are also more inclined to view vendor outages as a significant concern. Given that vendor risk accounted for nearly a quarter of Resilience’s material claims in 2024, it is imperative for enterprises to safeguard against complex risks to avert potential losses.
Jack Jenner, Managing Director of International Insurance at Resilience, stated, “Technology is integral to every business operation, and tech companies require a partner that comprehends their sophisticated needs and helps them stay ahead of evolving threats. Our new Tech E&O coverage, in conjunction with our existing cyber insurance and cyber risk quantification software, offers a holistic and integrated risk management solution for our clients.”
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