Resilience Launches Technology Errors & Omissions Coverage

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Mar 06, 2024, 09:30 ET

Adds new offering to existing market-leading cyber insurance and cyber risk management solutions

SAN FRANCISCO, March 6, 2024 /PRNewswire/ -- Resilience, a leading cyber risk management firm, today announced its launch of Technology Errors & Omissions (E&O) coverage for U.S. organizations with $300M-$10B in revenue. With $10M in limits available for both primary and excess placements, the E&O addition to Resilience's existing cyber insurance offering is poised to further help clients mitigate and cover liability arising from technology products and services - a cornerstone of building cyber resilience.

"In an increasingly digitized world, technology is embedded in every company's operations in some way, shape, or form," said Vishaal "V8" Hariprasad, co-founder and CEO of Resilience. "As such, our new Tech E&O coverage, coupled with our existing cyber insurance and cyber risk quantification software offerings, provides a more holistic and integrated risk management solution to our clients."

With financially-proven risk models, data-driven decisions, and deeply experienced underwriting and claims teams, Resilience is uniquely equipped to manage complex Tech E&O risks. This means a policy that fits each company individually with better coverage, and the ability to be proactive in response to incidents, leading to lower risk.

"Technology risk is often poorly understood by the insurance market, making Tech E&O a historically challenging offering for the commercial insurance industry to provide to their clients," said Mario Vitale, President of Resilience. "However, with our track record of helping companies navigate a rapidly evolving and increasingly digital cyber risk landscape, Resilience is one of few MGAs able to offer this kind of coverage, particularly to midsize and large clients."

"Our underwriting and claims teams bring years of experience in this line of business including reviewing and managing the complex intricacies of technology contracts that often lead to liability risks," said Gavin Reed, Head of Underwriting, US. "That expertise is backed by our data science, our tech, and the A+ coverage and contract certainty that all our insurance offerings provide. The integration of all these capabilities puts us in a market-leading position to serve our clients."

"Resilience has been a consistent partner for us in the cyber insurance space, introducing a unique model focused on increasing client security," said T. Michael Miller, CEO Global Specialty Lines at Intact. "We are pleased to see their continued growth, and with this announcement, support their cyber security solutions to customers and brokers in the upper end of the U.S. market of the Tech E&O space."

Resilience's new Technology E&O offering follows a period of continued growth and momentum for the company, including its strategic acquisition of incident response technology company BreachQuest, its broadening of insurance underwriting authority to serve clients up to $10B in revenue, and its achievement of an industry-leading loss ratio in 2023. For more information, 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 complex, enterprise risks.

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.