Resilience, the US-based cyber risk solution company, has introduced two new cyber risk tools to its cyber insurance package, in a move to help its clients reduce losses from cyberattacks.
Following its launch of ‘Technology Errors and Omissions’ in March, the Resilience is now introducing two new offerings: ‘Essential Solution for Cyber Insurance’ and ‘Edge Solution for Cyber Risk Management’.
By integrating the new capabilities into its offering, Resilience hopes to enable enterprises to continuously monitor and prioritise their mitigation and transfer of cyber risk.
It hopes to do so with newly integrated features that build in loss prevention at no extra cost for policyholders:
- Breach & Attack Simulation (BAS): Resilience’s BAS tests enable organisations to validate security controls against up-to-date threat actor tactics and real-world techniques. It explained that it hopes the feature can help firms identify and remediate vulnerabilities before threat actors can exploit them.
- Cyber Risk Profile Builder: This new integrated tool enables organisations 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.
Making firms more proactive
Vishaal Hariprasad, CEO of Resilience, said: “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.
“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 per cent of Resilience Edge Solution policyholders avoided claims with incurred losses. In addition, 85 per cent of all Resilience clients that experienced ransomware attacks avoided paying a ransom in 2023, compared with 71 per cent of cyber policyholders industrywide.”
Cyber risks are forecast to increase in cost and complexity, and ransomware attacks remain a global threat to enterprises. NetDiligence, the cyber risk firm, revealed that both average ransom demands and average incident costs have skyrocketed since 2018, in its latest Cyber Claims Study.
Charles Pruzinsky, head of underwriting and sales at Resilience, also commented: “Resilience is the only company that connects data science, threat intelligence, and comprehensive cyber insurance to empower our clients to prioritise and improve their risk mitigation investments and priorities.
“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.”
