Fintech PR
Resilience Expands Cyber Risk Management Solution to Global Clients of $10 Billion in Revenue
Underwriting success and business growth underpin expansion to some of the largest, most complex class 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 companies with up to $10 billion in annual revenues. The expanded authorities come after a strong year of growth while achieving an industry-leading loss ratio reflecting the success in defending clients from costly cyber incidents. Through 2023, fewer than 5% of Resilience clients filed a cyber claim and have shown significantly enhanced resilience to extortion attempts.
“More important than the growth it brings, this expanded underwriting authority is validation that our model makes clients significantly safer,” said Vishaal “V8” Hariprasad, Co-Founder & CEO, Resilience. “Fundamentally, the insurance industry is organized around ‘single point-in-time underwriting’ with a ‘post-incident’ mindset. When there is a loss and a claim, insurance reacts. The Resilience model is meaningfully different, bringing continuous risk assessment, risk engineering, and ongoing threat hunting paired 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 delivering its cyber risk management solution to middle-market accounts and now to large enterprises. Recently, Resilience has expanded its client base to some of the world’s largest and most complex cyber risks.
“Since we started writing business, we’ve been named a Lloyd’s coverholder, launched a captive, expanded internationally, and our innovative cyber risk solution has led to an industry leading loss ratio,” said Mario Vitale, President, Resilience. “This increase in underwriting authority is a reflection of our approach to cyber, distinct from how the legacy market approaches this unique class of risk.”
“The feedback we’ve gotten from brokers and clients is telling. Collectively, our clients have far fewer claims than the market average – and we earned a Net Promoter Score of 77, outpacing the insurance industry average of 55 (Qualtrics XM institute),” said CJ Pruzinsky, Global Head of Underwriting, Resilience. “Our underwriting and security teams have strong backgrounds supporting our clients and we are incredibly excited to bring this same level of value to this segment of the market.”
“Resilience is a strategic partner for Intact Insurance Specialty Solutions and working alongside them we bring vital security solutions to our specialized customers and brokers,” said T. Michael Miller, CEO Global Specialty Lines at Intact. “We are pleased to see their steady progress and ability to bring their deep cyber risk expertise 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 company, and support to keep you ahead. See how our Edge solution helps organizations become cyber resilient to material losses at https://link.edgepilot.com/s/fb8a485f/JgLEkROJdUiV9AIT97ZnEg?u=http://www.cyberresilience.com/.
About Resilience
Resilience is the cyber risk solution company that’s on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the U.S. military and intelligence communities, and augmented by prominent leaders and innovators from the insurance and technology industries; Resilience helps financial, risk, and information security leaders continuously improve their organizations’ cyber resilience 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. With headquarters in San Francisco, Resilience’s team is globally dispersed, with offices in New York, Chicago, Baltimore, Toronto, London, and Dublin. Resilience offers insurance coverage through its licensed and appointed insurance agency and security services through its expert security team and is available through all Resilience broker partners to clients in the United States, United Kingdom, Canada, and Europe.
For more information, visit us at https://link.edgepilot.com/s/fb8a485f/JgLEkROJdUiV9AIT97ZnEg?u=http://www.cyberresilience.com/.
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