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Resilience Introduces Tech E&O Coverage

In a significant move to bolster cyber risk management, Resilience has unveiled its new Technology Errors and Omissions (Tech E&O) insurance coverage targeting enterprises across the UK and Europe. This cutting-edge solution is primarily designed for organizations with annual revenues surpassing £50 million in the UK or €25 million in Europe. With the increasing complexity of cyber threats, this initiative comes as a timely response to the growing concerns among businesses regarding potential interruptions and liabilities.

The Necessity of Tech E&O Coverage

Recent surveys conducted by Resilience in collaboration with YouGov reveal that a staggering 72% of IT and security leaders in UK companies consider business interruption to be their foremost concern. In fact, 38% of these enterprises reported claims related to business interruptions, indicating a critical need for effective protection against technology-related mishaps. The newly introduced Tech E&O coverage is crafted to mitigate liabilities specifically arising from technology products and services, ensuring that technology firms are well-equipped to navigate the evolving landscape of cyber risks.

The coverage extends limits up to £10 million or €10 million for clients in the UK and Europe, respectively, providing robust financial backing against potential claims. Those operating within the technology sector—spanning hardware, software, telecommunications, and web services—will greatly benefit from this increased protection, recognizing that technology is an integral part of their business operations.

Understanding Complex Risks

As enterprises grow larger, their exposure to complex risks escalates, especially in the domain of cyber threats. Resilience's Tech E&O insurance offers comprehensive support to help organizations manage these multifaceted risks effectively. According to Resilience’s insights from its 2024 survey, larger companies are notably more vigilant towards vendor due diligence, indicating a proactive approach in managing supplier-related risks.

In summary, vendor-related challenges accounted for approximately a quarter of Resilience's material claims in 2024, highlighting an urgent need for businesses to fortify their risk management strategies.

Expanding Capacity for Larger Enterprises

Beyond the Tech E&O offering, Resilience is also expanding its capacities for clients generating more than £10 billion or €10 billion annually. This strategic enhancement allows broker partners greater flexibility in addressing the unique and complex cyber risks faced by larger corporations. The ability to provide tailored insurance solutions is crucial as these firms grapple with increasingly intricate cyber threats, ensuring they possess the necessary resources to prevent potential losses.

Jack Jenner, Managing Director of International Insurance at Resilience, emphasizes the need for specialized support in tackling these challenges. He states, “Technology is embedded in every company’s operations, and technology companies deserve a partner that understands their complex needs and can help them stay ahead of evolving threats.”

With their new Tech E&O coverage, alongside existing cyber insurance products and cyber risk quantification software, Resilience aims to present a comprehensive risk management solution.

About Resilience

Founded by seasoned experts from various prestigious sectors, including military and cybersecurity, Resilience is establishing a new standard in cyber risk management. The company is dedicated to helping organizations bolster their resilience against material losses caused by cyber threats. With a global presence that includes offices in key cities like San Francisco, London, and Toronto, Resilience combines innovative risk quantification software with expert security services and A+ insurance, creating a holistic support system for large and mid-sized organizations.

For any enterprise keen on advancing their cyber resilience strategy, the Resilience Solution stands at the forefront, providing not only protection but also insight and guidance as companies navigate the complexities of today’s digital landscape.