Ninety-Six Percent of Resilience Edge Solution Clients Avoided Incurring Losses in 2023
Resilience [1], the leading cyber risk solution company, has once again raised the standard in the cyber insurance industry with new integrated capabilities that enable enterprises to continuously monitor and prioritize their mitigation and transfer of cyber risk.
Following the launch of Technology Errors and Omissions (E&O) coverage earlier this year, the Resilience security team is expanding its industry-leading offerings - Essential Solution for Cyber Insurance and Edge Solution for Cyber Risk Management. Both offerings now include two new integrated features that build in loss prevention at no additional cost to policyholders:
- Breach & Attack Simulation (BAS). Resilience's BAS tests, powered by AttackIQ, enable organizations to rapidly validate security controls against up-to-date threat actor tactics and real-world techniques. With BAS, organizations can identify and remediate vulnerabilities before threat actors can exploit them.
- Cyber Risk Profile Builder. This new integrated tool enables organizations to review and update their risk posture data, ensuring accurate risk quantification and gaining better insight into their risk profile to drive planning decisions, identify material risks, and support board considerations. The Cyber Risk Profile Builder aligns resources with risk priorities, and maintains a clear and robust view of organizations' cyber risk posture.
"Resilience consistently raises the standard for what it means to be cyber resilient in today's volatile digital business environment. Not only are Resilience's clients more effective at avoiding loss, but they also are more proactive about assessing and mitigating that risk," said Vishaal "V8" Hariprasad, CEO of Resilience. "We give our clients the benefit of adversary context to help them stay ahead of threat actors as well as on-the-ground expertise in insurance and cybersecurity to handle any incidents. This is why our clients are more effective at avoiding losses from cyberattacks than their peers."
"In 2023, 96% of Resilience Edge Solution policyholders avoided claims with incurred losses. In addition, 85% of all Resilience clients that experienced ransomware attacks avoided paying a ransom in 2023, compared with 71% of cyber policyholders industrywide," he said.
Cyber risks are forecast to increase in cost and complexity, and ransomware attacks remain a global threat to enterprises. NetDiligence notes in its latest Cyber Claims Study [2] that both average ransom demands and average incident costs have skyrocketed since 2018.
"Resilience is the only company that connects data science, threat intelligence, and comprehensive cyber insurance to empower our clients to prioritize and improve their risk mitigation investments and priorities," added Charles Pruzinsky, Head of Underwriting & Sales at Resilience. "Unlike the traditional approach to bolt-on discounted third-party cybersecurity tools to insurance policies, our fully integrated solutions strengthen, fine-tune, and assure consistency in our clients' cyber risk controls."
With new coverage for Tech E&O liability for U.S. organizations with up to $10 billion in revenue, Resilience offers broad capabilities to help large enterprises manage complex cyber risks.
For more information about us, visit www.cyberresilience.com [3].