Resilience has updated its cyber risk solutions, introducing new features that enhance its cyber insurance and risk management services. Following the release of Technology Errors and Omissions (E&O) coverage earlier this year, the company has added two new tools to its offerings: the Breach & Attack Simulation (BAS) and the Cyber Risk Profile Builder.
The BAS, in collaboration with AttackIQ, enables organizations to test their security measures against the latest threats and techniques used by cyber attackers. This tool helps identify and address vulnerabilities before they can be exploited.
The Cyber Risk Profile Builder allows organizations to continuously update and review their risk data, helping to ensure accurate risk quantification and to provide insights for strategic decision-making. This tool helps align resources with risk priorities and maintains a current view of an organization’s threat exposure status.
Vishaal “V8” Hariprasad, CEO of Resilience, reported that these enhancements have been effective. “In 2023, 96% of Resilience Edge Solution policyholders avoided claims with incurred losses. In addition, 85% of all Resilience clients that experienced ransomware attacks avoided paying a ransom in 2023, compared with 71% of cyber policyholders industrywide,” he said.
“Risk Mitigation”
Cyber risks continue to be a significant global threat, with ransomware attacks at the forefront. The latest NetDiligence Cyber Claims Study indicates that the frequency of attacks and the costs have increased significantly since 2018.
Charles Pruzinsky, Head of Underwriting & Sales at Resilience, noted that their approach integrates cyber risk management directly with their insurance offerings. This differs from traditional practices where insurers may attach third-party cybersecurity tools as an add-on to insurance policies.
“Resilience is the only company that connects data science, threat intelligence, and comprehensive cyber insurance to empower our clients to prioritize and improve their risk mitigation investments and priorities,” said Charles Pruzinsky.
Resilience has also extended its Tech E&O liability coverage to U.S. organizations with up to $10 billion in revenue, broadening its scope to assist larger enterprises in managing their cyber risks more effectively.
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