Cyber risk solution provider Resilience has announced an extension of its underwriting capacity limits to £10 million for insureds in the United Kingdom and European Union.
This augmentation in capacity is a result of a partnership with RSA Insurance and R&Q Accredited, with the additional capacity complementing Resilience’s existing capabilities in the UK and EU, supported by HDI Global Specialty.
With cyber threats to UK and European enterprises growing increasingly complex, the conventional security response has primarily involved “firefighting” as opposed to adopting a strategic risk management approach to cyber threats. A recent report by the EU Agency for Cybersecurity (ENISA) revealed that due to perceived unreasonable pricing and unfavourable coverage, 75% of operators of essential services (OESs) surveyed presently do not possess insurance coverage for cyber incidents.
This highlights a significant gap in the ability of critical entities to manage the high financial impact of threats like ransomware and underscores the inadequacy of existing insurance products in meeting the requirements for managing this risk.
“The data is clear. Cybercrime is a global problem and threats from criminal actors are becoming more and more difficult for enterprises to defend against,” Resilience CEO and co-founder Vishaal Hariprasad said.
RSA UK speciality lines managing director Steve Watson also shared his excitement for the partnership, commenting that the collaboration would bring an unrivalled level of expertise to the UK and European markets.
“The cyber environment is a complex and changing one and Resilience are leaders in this space. With a shared focus on building client resiliency against cyber risk we look forward to working closely with them to bring these solutions to brokers and customers,” Watson said.
Elsewhere for RSA Insurance, the company recently unveiled the latest addition to its financial risks portfolio with the launch of a pension trustee liability (PTL) insurance product.
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