Resilience Expands Cyber Risk Solutions for Large Enterprises
In a strategic move to bolster its services for major enterprises, Resilience, a leading cyber risk solutions firm, has announced an enhancement of its capacity to cater to corporations with revenues exceeding $10 billion. This initiative is facilitated by a partnership with Accredited Insurance Holdings, a renowned global programme manager. The expanded underwriting aims to effectively tackle the intricate cyber risks faced by these large-scale clients.
Resilience’s portfolio includes over 10% of American companies generating $1 billion or more in revenue. This expansion aligns with a growing market necessity as enterprises grapple with escalating cybercrime rates and third-party business interruption risks. According to the Resilience 2024 Cyber Risk Report, third-party-related claims constituted 31% of all claims, with 23% leading to significant financial losses. Notably, ransomware continues to be a predominant cause of loss, with 43% of incurred claims linked to first-party ransomware attacks. Furthermore, ransomware targeting has emerged as a new, substantial source of business disruption, accounting for 18% of incurred claims. Alongside persistent threats like fraud and data breaches, clients are increasingly required to safeguard themselves against a myriad of complex risks.
Resilience is addressing these challenges through mature underwriting practices, in-house claims management, and a dedicated risk operations center that continuously evaluates a client’s first- and third-party risks. This includes offering ongoing threat intelligence and delivering timely critical insights to avert potential losses. The firm’s cyber decision platform is another resource that assists clients in quantifying, communicating, and managing their cyber risks effectively.
George Kotsiopoulos, President of Insurance at Resilience, stated, “The evolution of cyber insurance lies in delivering integrated security and insurance solutions that proactively help clients avert losses rather than merely reacting to them. With our expanded capacity, our broker partners can now include Resilience as a preferred option for large accounts, thus broadening their capability to address clients’ most intricate cyber challenges. Our collaboration with Accredited empowers us to meet the burgeoning market demand with premium solutions.”
Mario Vitale, President of Resilience, observed, “Today’s enterprises encounter a perpetually evolving threat environment that traditional insurance solutions fail to address adequately due to their emphasis on portfolio performance instead of client success. Resilience pioneered an integrated risk management approach that amplifies clients’ threat visibility and responsiveness.”
“Whether as a primary or excess cyber insurance ally, our underwriting expertise, continuous risk intelligence, and senior-level in-house claims management enable clients to avert material losses. Our integration with enterprise clients has accelerated as they perceive that from risk modeling to incident management, Resilience provides unparalleled results in the market.”
William Spiegel, Chief Executive Officer of Accredited, added, “Resilience has a proven history of delivering immense value to clients while maintaining the financial robustness of their portfolio. By offering high-performing, sustainable cyber risk solutions, Resilience is reshaping the future of cyber risk management.”
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