Resilience Enhances Tech E&O Insurance for Large Clients
Resilience Enhances Tech E&O Insurance for Large Clients
Cyber Risk Solutions Provide Emerging Technology Firms Insight and Risk Transfer to Manage Complex Risks
NEW YORK — Resilience, a leading cyber risk solution company, has significantly broadened its Technology Errors & Omissions (Tech E&O) insurance offerings to encompass clients with annual revenues exceeding $25 million in the United States, £50 million in the United Kingdom, and €25 million in the European Union. This expansion is made possible through Resilience's existing coverholder partnership with Lloyd's.
Following a successful initiative launched in 2024, Resilience has been able to extend its coverage up to $10 million in Tech E&O, which is crucial for technology firms in managing risks tied to financial losses arising from cyber threats as well as errors, negligent acts, and omissions in their products or services.
The ongoing growth of the technology sector, particularly with the surge of investment into artificial intelligence, makes the need for robust insurance more pressing than ever. Today, virtually all companies rely on technology services that can expose them to various risks associated with operational uptime, data integrity, privacy, and unintentional errors. Resilience's approach combines cyber liability and technology operational risk management into a cohesive and comprehensive insurance policy.
Vishaal "V8" Hariprasad, CEO of Resilience, commented on the company's pioneering services, stating, "As a provider of enterprise-class risk management software, we fully grasp the risks linked to launching new technologies. Our integration of advanced cybersecurity techniques with top-notch underwriting and in-house claims processing equips our clients with exceptional risk control mechanisms."
Resilience’s innovative blend of Tech E&O insurance and cyber coverage, complemented by its acclaimed loss-prevention technology, represents a holistic insurance strategy. By leveraging comprehensive data analytics, including claims statistics and threat intelligence from Resilience Risk Operations Center (ROC), clients benefit from a risk management strategy that combines expertise with cutting-edge software and proactive service throughout every phase:
• Skilled underwriters who possess an in-depth understanding of a client's technology landscape to provide tailored coverage.
• Senior in-house claims lawyers and security service engineers who skillfully handle intricate incidents to ensure optimal outcomes.
• The Resilience Edge Solution software enhances policies by offering a solid platform for risk assessment, investment prioritization, and effective risk mitigation.
• The Risk Operations Center offers ongoing monitoring, managing emerging risks and mitigating potential threats before they escalate into incidents.
In 2024, Resilience first introduced its Tech E&O offering aimed at clients with revenues of over $300 million, quickly attracting several leading technology companies as both primary and excess clients. The company has a proven track record of addressing the unique needs of larger technology firms, thereby opening avenues to offer services to emerging companies.
George Kotsiopoulos, President of Insurance for Resilience, remarked, "Since the inception of our Tech E&O offerings, we have encountered overwhelming enthusiasm and acceptance of our innovative technology risk management solutions. Brokers recognize our unrivaled capability to meet the needs of technology companies, primarily due to our considerable in-house tech and security expertise."
To learn more about Resilience, individuals can visit their comprehensive website.
About Resilience
Resilience is committed to empowering organizations to maintain cyber resilience against potential material losses by staying a step ahead of cyber threats. Founded by experts from top levels of the military and intelligence sectors, along with influential figures from the cybersecurity, technology, and insurance landscapes, Resilience is recognized as the world's first cyber risk company, offering integrated solutions that include risk quantification software and cybersecurity expertise, all designed specifically for large and mid-sized organizations.
Backed by renowned technology investment firms including prominent venture partners, Resilience operates globally with headquarters in San Francisco and teams across various major cities. The broad spectrum of insurance coverage is provided through licensed insurance agents, complemented by specialized security services delivered by its expert team. Clients from the United States, United Kingdom, Canada, and Europe can access the Resilience Solution through its extensive broker partnerships.
Frequently Asked Questions
What is the new Tech E&O insurance for?
Resilience has expanded its Tech Errors & Omissions insurance tailored for technology firms generating over $25 million annually, addressing crucial risk management needs.
How does Resilience support tech companies?
Resilience integrates technology expertise with risk control measures, providing tailored insurance solutions that encompass both cyber risk and operational challenges.
What makes Resilience's approach unique?
The combination of specialized underwriter knowledge and advanced software platforms tailored to assess risk gives clients comprehensive protection and support throughout the insurance process.
Who are the key investors in Resilience?
Resilience is backed by leading investment firms such as General Catalyst, Lightspeed Venture Partners, and others, showcasing robust confidence in their business model and strategy.
Where can I find more information about Resilience?
More details are available on the Resilience website, where clients can explore their full range of services and get informed about their comprehensive solutions.
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