Resilience Named MGA of the Year: A Sign of Cyber Insurance Evolution
Resilience, a leading cyber risk solutions company, has been recognized as MGA of the Year by Intelligent Insurer at the Cyber Insurance Awards Europe. This award highlights a significant shift in the cyber insurance landscape, moving towards a more data-driven and proactive approach to risk management.
The Rise of Data-Driven Cyber Underwriting
The judges specifically praised Resilience’s success in building mitigation and prevention technologies, including simulation tools and real-time monitoring. This focus on proactive measures, rather than simply reacting to incidents, is becoming increasingly crucial. By reducing ransomware payments and improving underwriting accuracy through live intelligence, Resilience is effectively bringing a US-style, sophisticated approach to the European market.
Quantifying Cyber Risk: A Game Changer
A key element of Resilience’s success is its ability to quantify cyber risk. Traditionally, cyber insurance has relied heavily on subjective assessments. Resilience’s approach eliminates much of the guesswork, demonstrating to clients how their security choices directly impact their financial stability. This transparency builds trust and allows for more informed decision-making.
Expanding Coverage and Capacity in a Growing Market
Resilience’s expansion in Europe, including the introduction of Technology Errors and Omissions (Tech E&O) coverage in the UK and Europe, demonstrates a commitment to meeting evolving client needs. The company has similarly significantly increased its cyber insurance capacity, now covering clients from 25m EUR to over 10 billion EUR. This expansion, coupled with a wholesale facility in London for US-based risks, positions Resilience as a major player in the global cyber insurance market.
Growth Fueled by a Disciplined Approach
The company experienced 48% growth in gross written premium during the period, a testament to the market’s appetite for a disciplined, data-driven approach to cyber risk. Resilience has also expanded its operations geographically, with key appointments in Germany, Austria, France, and the BeNeLux region.
The Importance of Integrated Solutions
Resilience’s unique approach integrates risk quantification software, cybersecurity experts, and highly rated insurance. This holistic model provides clients with:
- Sustainable underwriting for large enterprises, resulting in an industry-leading loss ratio.
- In-house claims handling for direct and priority incident management.
- A Risk Operations Center for continuous evaluation of first- and third-party risk.
- An award-winning cyber decision platform for CISOs, CFOs, and Risk Managers.
Future Trends in Cyber Insurance
Resilience’s success points to several key trends shaping the future of cyber insurance:
Increased Focus on Proactive Risk Management
Expect to see more insurers investing in technologies and services that aid clients prevent cyberattacks, rather than just covering the costs after an incident. This includes threat intelligence, vulnerability scanning, and security awareness training.
Greater Use of Data Analytics and AI
Data analytics and artificial intelligence will play an increasingly important role in underwriting, risk assessment, and claims handling. This will enable insurers to identify and price risk more accurately, and to respond to incidents more effectively.
Expansion of Coverage
Cyber insurance coverage is likely to expand beyond traditional data breach and ransomware events to include emerging risks such as supply chain attacks, cloud security breaches, and critical infrastructure vulnerabilities.
Integration with Cybersecurity Services
The lines between cyber insurance and cybersecurity services will continue to blur, with insurers offering integrated solutions that combine insurance coverage with proactive security measures.
FAQ
What is an MGA?
MGA stands for Managing General Agent. They act as intermediaries between insurers and clients, handling underwriting, distribution, and claims management.
Why is data-driven underwriting important?
Data-driven underwriting allows insurers to assess risk more accurately, leading to fairer pricing and better coverage.
What is risk quantification?
Risk quantification is the process of assigning a numerical value to the potential financial impact of a cyberattack.
What is Tech E&O coverage?
Technology Errors and Omissions (Tech E&O) coverage protects businesses from claims arising from errors or omissions in their technology products or services.
Where does Resilience operate?
Resilience operates in the United States, the United Kingdom, Canada, and Europe, with teams in multiple cities across these regions.
Did you grasp? Resilience is backed by leading technology investment firms, including General Catalyst, Lightspeed Venture Partners, and Founders Fund.
Pro Tip: Regularly assess your organization’s cyber risk profile and work with a qualified cyber insurance provider to ensure you have adequate coverage.
Learn more about building cyber resilience at www.cyberresilience.com.
