International re/insurance broker Consilium has announced a strategic partnership with KYND Limited, a company specializing in cyber risk management, that will see Consilium’s insurance brokers utilizing KYND’s advanced cyber risk assessments.
The aim of the collaboration is to provide comprehensive visibility into clients’ cyber risk exposure, thereby enhancing cyber readiness and contributing to sustainable revenue growth.
This collaboration comes amid a significant increase in corporate cyberattacks globally, positioning cyber insurance as the fastest-growing segment within the insurance industry. Projections suggest a growth from $10.3 billion in 2023 to $17.6 billion by 2028.
However, despite rising demand, challenges persist, particularly in businesses’ understanding of their cyber risk and the critical role of cyber insurance in safeguarding operations. Brokers, therefore, need precise, current, and comprehensive information on an organization’s risk profile to navigate the evolving cyber threat landscape effectively.
Consilium aims to bolster its risk management offerings and highlight the importance of cyber risk to its clients by incorporating KYND’s START Reports, which provide vulnerability assessments.
Additionally, as part of the agreement, Consilium will utilize KYND SIGNALS Client Reports, KYND’s latest innovation. These reports offer a customized, prioritized perspective on risks considered by insurers during the decision-making process. This tool will assist Consilium’s clients in refining their cyber risk profiles before submission and verify an applicant’s suitability for coverage before approaching the insurance market.
Tom Abbotts, associate partner of cyber tech & fintech at Consilium, acknowledged the challenges and opportunities presented by digital transformation in the current interconnected era.
“Helping businesses to navigate this complex and ever-evolving landscape with confidence necessitates a collaborative approach, uniting industry experts with best-in-class, innovative technologies to deliver the best solutions for businesses, which is exactly what this partnership is about. We are, therefore, excited to be partnering with cyber risk management experts KYND whose actionable and intelligible risk intelligence will further bolster our bespoke insurance solutions and specialized guidance on risk management, enabling our customers to get a handle on cyber risk,” Abbotts said.
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