Resilience Strengthens Cyber Risk Solutions for Large Enterprises Amid Rising Cyber Threats

Resilience Enhances Cyber Risk Solutions for Large Enterprises

In the ever-evolving landscape of cyber threats, businesses face unprecedented challenges. Resilience, a pioneer in providing cyber risk solutions, has recently announced its plans to broaden its reach in the insurance sector specifically targeting large enterprises with annual revenues exceeding $10 billion. This strategic expansion comes at a crucial time when the complexity of cyber risks is on the rise, necessitating stronger protective measures.

The company’s enhanced underwriting capacity, made possible through a partnership with Accredited Insurance, allows broker partners to offer more tailored solutions to clients who are navigating the intricate world of cyber risks. Since its inception in 2020, Resilience has garnered recognition for its innovative services that have successfully supported organizations equipped to handle sophisticated cyber threats.

George Kotsiopoulos, President of Insurance at Resilience, emphasized the proactive approach that this expansion represents. "The future of cyber insurance lies in offering fully integrated security alongside insurance solutions that aid clients in loss prevention rather than merely responding to incidents," he stated. This indicates a nuanced shift in how insurance is perceived in the context of cybersecurity, focusing on preventative measures instead of reactive responses.

As businesses around the country increasingly confront rising levels of cybercrime, the demand for comprehensive cyber insurance solutions is surging. A report from Gartner revealed that over two-thirds of organizations are augmenting their budgets and resources to tackle third-party risks, a contributor to the growing complexity of these challenges.

The Resilience Cyber Risk Report for 2024 highlighted that third-party claims made up 31% of all cyber insurance claims, while material losses from these cases reached 23%. Additionally, ransomware has emerged as a crucial threat, accounting for 43% of claims attributed to first-party incidents, with a newfound risk emerging from vendor-targeted ransomware. Such trends underscore the urgent necessity for organizations to adopt robust risk management strategies that adeptly address the increasingly multifaceted nature of cyber threats.

In response to this evolving risk landscape, Resilience is responding with a suite of unique offerings. Their solutions feature sustainable underwriting practices, in-house claims handling for prioritized incident management, and a dedicated Risk Operations Center designed to continuously assess the risk landscapes of clients. Furthermore, Resilience boasts an award-winning cyber decision platform that equips Chief Information Security Officers (CISOs), Chief Financial Officers (CFOs), and Risk Managers with advanced tools for managing both first-party and third-party cyber risks.

Mario Vitale, President of Resilience, highlights the limitations of traditional insurance solutions, noting their emphasis on overall portfolio performance rather than client-specific success. Resilience’s integrated risk management approach enhances client visibility and responsiveness, ultimately translating to better protection against the threats of today’s cyber world.

The effectiveness of Resilience’s solutions has already been validated by over 10% of U.S. enterprises earning $1 billion or more, demonstrating the scalability and reliability of their services. This rapid acceptance among large clients showcases an industry pivot toward valuing prevention over reactive services in cyber insurance.

William Spiegel, CEO of Accredited, endorsed this partnership, stating that Resilience has a proven track record of delivering high-quality, sustainable cyber risk solutions that bolster clients' financial strength. As threats continue to evolve, Resilience appears poised to redefine the future landscape of cyber insurance through its focus on integrated, preventative solutions.

For those looking for insight into the advancements in cyber risk management and the options available for large enterprises, Resilience and its offerings represent a significant step forward in addressing the critical challenges of modern cybersecurity.

To learn more about Resilience and its suite of products, visit www.cyberresilience.com. Connect with Resilience on LinkedIn for ongoing updates on innovation in the cybersecurity landscape.