Ninety-Six Percent of Resilience Edge Solution
Clients Avoided Incurring Losses in 2023
SAN
FRANCISCO, May 1, 2024 /PRNewswire/ -- Resilience,
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 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.
About Resilience
Resilience helps organizations become cyber resilient to
material losses by staying ahead of the bad guys. Founded by
experts from across the highest tiers of the US military and
intelligence communities – and built by prominent leaders and
innovators from the cybersecurity, technology, and insurance
industries – Resilience is the world's first cyber risk company
that offers risk quantification software, cybersecurity experts,
and A+ insurance in integrated solutions purpose-built for large
and middle-market organizations.
Resilience is proud to be backed by leading technology
investment firms including General Catalyst, Lightspeed Venture
Partners, Intact Ventures, Founders Fund, CRV, and Shield Capital.
With headquarters in San
Francisco, Resilience is globally dispersed, with teams in
New York, Chicago, Los
Angeles, Baltimore,
Toronto, London, and Dublin. Resilience offers insurance coverage
through its licensed and appointed insurance agency, and security
services through its expert security team. The Resilience Solution
is available through all broker partners to clients in the United States, United Kingdom, Canada, and Europe.
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SOURCE Resilience