Resilience, a provider of cyber risk solutions, is expanding its offerings to serve large enterprises with revenues exceeding $10 billion. This expansion provides broker partners with additional options to address the complex cyber risks faced by high-revenue clients.
Since its launch in 2020, Resilience has focused on providing cyber liability insurance and technology errors and omissions coverage to businesses confronting evolving cyber threats. The expansion is made possible through a partnership with Accredited Insurance, supported by a panel of global cyber reinsurers.
George Kotsiopoulos (pictured left), president of Insurance at Resilience, discussed the shift in the cyber insurance market.
“The future of cyber insurance is focused not only on responding to losses, but on preventing them,” he said. “This expanded capacity enables broker partners to offer Resilience as a choice for large accounts, helping them address more complex cyber risks. Our partnership with Accredited allows us to meet the growing demand for quality solutions in the market.”
Resilience’s approach to cyber risk management has been adopted by over 10% of US enterprises with annual revenues of $1 billion or more.
The expansion comes at a time when enterprises are facing rising cybercrime rates and growing third-party business interruption risks. A 2023 survey by Gartner found that more than two-thirds of enterprises have increased their budgets, tools, and resources to address third-party risks. A third of large enterprises reported increases of more than 25% in their third-party cybersecurity budgets.
According to Resilience’s 2024 Cyber Risk Report, third-party related claims made up 31% of all cyber claims, with 23% of material losses linked to third-party risks. Ransomware remained a leading cause of loss, with 43% of claims involving first-party ransomware incidents. Additionally, ransomware targeting vendors emerged as a significant source of business interruption, contributing to 18% of claims.
Resilience offers a comprehensive approach to managing these risks, with underwriting capabilities that have resulted in an industry-leading loss ratio. The company also provides in-house claims handling for direct and priority incident management, a risk operations center to evaluate first- and third-party risks, and a cyber decision platform to help clients manage cyber risks.
Mario Vitale (pictured right), president of Resilience, explained that traditional insurance solutions often focus on portfolio performance rather than addressing the specific needs of large enterprises.
“Resilience offers an integrated approach to risk management, giving clients greater visibility and responsiveness to cyber threats,” he said.
Vitale also noted that Resilience’s ability to provide continuous risk intelligence and in-house claims management has led to increased adoption by enterprise clients. “From risk modeling to incident management, Resilience offers a more comprehensive solution than traditional providers,” he said.
