Cyber risk specialist Resilience has launched its technology errors and omissions (Tech E&O) insurance product in the UK and Europe, offering protection for technology firms operating at scale. The move is backed by a new underwriting partnership with Accredited Insurances.
The new cover is designed for businesses with annual revenues exceeding £50 million in the UK or €25 million in Europe. Resilience will offer limits of up to £10 million or €10 million for both primary and excess placements. The offering targets providers of hardware, software, telecommunications, and web services.
According to Resilience, the introduction of Tech E&O insurance is intended to address operational exposures such as business interruption, which has become a major concern among UK enterprises.
A Q4 2024 survey conducted by Resilience in partnership with YouGov found that 72% of IT and security leaders at companies with more than £100 million in revenue identified business interruption as their primary concern. In the same survey, 38% of firms reported filing business interruption claims, making it the leading cause of cyber-related insurance claims in the UK.
Resilience expanding its E&O offering also comes amid industry growth. The global E&O insurance market was valued at approximately $10.8 billion in 2022 and is projected to reach $17.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2030.
In addition to the new Tech E&O product, Resilience also said that it is expanding its capacity for large clients, now accommodating businesses with annual revenues exceeding £10 billion or €10 billion.
Resilience noted that larger enterprises are increasingly aware of vendor-related cyber exposures. In its 2024 UK survey, the company found that large firms were twice as likely as smaller ones to consider vendor due diligence effective and were also more concerned about vendor outages. Vendor-related risk accounted for nearly 25% of Resilience’s material claims last year.
Jack Jenner (pictured above), managing director for international insurance at Resilience, said that the new Tech E&O cover complements Resilience’s existing cyber insurance and cyber risk quantification offerings.
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