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- Resilience expands its cyber risk management solution to global clients with $10 billion in revenue
Underwriting success and business growth support expansion into some of the largest and most complex types of cyber risks
SAN FRANCISCO, Jan. 29, 2024/PRNewswire/ -- Resilience, a leading cyber risk management provider, has expanded its underwriting authority to serve large global enterprises with annual revenues of up to $10 billion. The authority expansion comes after a year of strong growth, while achieving an industry-leading loss ratio that reflects success in defending customers from costly cyber incidents. Through 2023, less than 5% of Resilience customers have filed a cyber claim and have demonstrated significantly greater resistance to extortion attempts.
"More important than the growth it brings, this increased underwriting authority is validation that our model makes customers significantly safer," explained Vishaal "V8" Hariprasad, co-founder and CEO of Resilience. "Fundamentally, the insurance industry is organized around 'single point in time underwriting' with a 'post-loss' mentality. When there is a loss, insurance reacts. Resilience's model is significantly different, "as it brings continuous risk assessment, risk engineering and continuous threat hunting, along with vulnerability and exposure monitoring to help prevent the incident in the first place."
Resilience has steadily increased the size of the clients it serves since its founding in 2016; Initially offering its cyber risk management solution to mid-market accounts and now to large enterprises. Recently, Resilience has expanded its client base to some of the largest and most complex cyber risks in the world.
"Since we began writing business, we have been named Lloyd's coverholders, launched a captive, expanded internationally and our innovative cyber risk solution has led us to an industry-leading loss ratio," said Mario Vitale. , president of Resilience. "This increase in underwriting authority is a reflection of our approach to cyber risk, distinct from how the traditional market addresses this unique class of risk."
"The feedback we have received from brokers and clients is revealing. Collectively, our clients have far fewer claims than the market average, and we have earned a Net Promoter Score of 77, surpassing the insurance industry average of 55 (Qualtrics Institute XM)," explained CJ Pruzinsky, global head of underwriting at Resilience. "Our underwriting and security teams have a strong track record of supporting our clients and we are incredibly excited to bring this same level of value to this market segment."
"Resilience is a strategic partner for Intact Insurance Specialty Solutions and working together with them we bring vital security solutions to our clients and specialty brokers," said T. Michael Miller, CEO of Intact's Global Specialty Lines. "We are pleased to see their continued progress and ability to bring their deep cyber risk insights and solutions to the market."
At Resilience, your risk is our risk. That's why we offer a comprehensive cyber risk solution that provides visibility into your risks, a plan to address them, coverage to protect your business, and support to keep you ahead. See how our Edge solution helps organizations become cyber resilient to material loss at https://link.edgepilot.com/s/fb8a485f/JgLEkROJdUiV9AIT97ZnEg?u=//www.cyberresilience.com/.
Resilience is the cyber risk solutions company on a mission to help make the world cyber resilient. Founded in 2016 by experts from the highest levels of the US military and intelligence communities, and expanded by leading leaders and innovators in the insurance and technology industries, Resilience helps the financial, risk and security leaders of the information to continually improve the cyber resilience of their organizations by connecting cyber insurance coverage with advanced cybersecurity visibility and a shared plan to reinforce actionable cyber hygiene.
Resilience is proud to be backed by leading technology investment firms including General Catalyst, Lightspeed Venture Partners, Intact Ventures, Founders Fund, CRV and Shield Capital. Headquartered in San Francisco, the Resilience team is dispersed around the world, with offices in New York, Chicago, Baltimore, Toronto, London, and Dublin. Resilience offers insurance coverage through its licensed and designated insurance agency and security services through its team of security experts, and is available through all Resilience partner brokers for clients in the United States, United Kingdom, Canada and Europe.
For more information visit us https://link.edgepilot.com/s/fb8a485f/JgLEkROJdUiV9AIT97ZnEg?u=//www.cyberresilience.com/.
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