Resilience Expands Tech Errors and Omissions Coverage
Tech E&O available for clients with £50m/€25m+ in revenue, as 72% of SMEs cite business interruption as their leading concern.
Cyber risk solutions are now accessible to €10bn+ revenue businesses, addressing increasingly complex challenges.
Resilience, a leading provider of cyber risk solutions, has announced a significant enhancement to its offerings by introducing coverage for Technology Errors and Omissions (Tech E&O) tailored for the UK and European markets. This new coverage is made possible through a strategic partnership with Accredited Insurances.
The Tech E&O coverage is designed for clients with annual revenues exceeding £50 million or €25 million. This initiative aims to bolster protection for various technology sectors, including hardware, software, telecommunications, and web services. Clients can access coverage limits of up to £10 million or €10 million in both regions, whether it be for primary or excess placements.
A recent survey conducted by Resilience, which included insights from IT and security leaders within UK firms generating more than £100 million annually, highlighted business interruption as a top concern for 72% of these enterprises. This concern is compounded by the fact that 38% of UK businesses have submitted claims related to business disruption. Through the Tech E&O coverage, Resilience aims to address this critical issue, offering technology companies a safety net against potential liabilities.
Tech E&O serves as a vital component for clients looking to mitigate and manage liability risks stemming from their technology offerings. This coverage epitomizes Resilience’s commitment to empowering technology companies to maintain robust risk management standards in the face of evolving cyber threats. By leveraging well-established risk models and comprehensive data-driven strategies, Resilience equips clients with the necessary tools to navigate complex Tech E&O dilemmas.
In addition to Tech E&O, Resilience is broadening its service capacity to include organizations with an annual revenue threshold of over £10 billion or €10 billion. This expansion is aimed at providing broker partners with an array of solutions to effectively tackle the multifaceted cyber risks faced by large enterprises.
As large enterprises become increasingly aware of the vulnerabilities associated with cyber risks, they are recognizing the importance of proactive measures. Resilience’s survey indicated that large firms are significantly more vocal about the necessity of vendor due diligence compared to smaller businesses. Moreover, nearly a quarter of material claims reported by Resilience in 2024 stemmed from vendor-related issues, reflecting the need for enterprises to secure their operations against these complexities.
Both the expansive capacity for large enterprises and the Tech E&O solutions are actively available to clients now, affirming Resilience’s strategic timing in a rapidly evolving market landscape.
Jack Jenner, Managing Director, International Insurance at Resilience, stated: "Technology is embedded in every company's operations, and technology companies deserve a partner that understands their complex needs and can help them stay ahead of evolving threats. Our new Tech E&O coverage, alongside our existing cyber insurance and cyber risk quantification software offerings, provides a holistic and integrated risk management solution for our clients."
About Resilience
Resilience is dedicated to helping organizations build cyber resilience to mitigate material losses by preemptively addressing risks posed by malicious actors. Founded by industry experts from diverse backgrounds, including military and intelligence leaders, Resilience stands as a pioneer in the cyber risk domain, offering state-of-the-art risk quantification software, cybersecurity expertise, and A+ insurance within an integrated solution model targeting large and middle-market enterprises.
With investments from notable technology firms such as General Catalyst and Lightspeed Venture Partners, Resilience operates globally from its headquarters, offering security services and insurance coverage through licensed agents across various territories. The comprehensive Resilience Solution is accessible to all broker partners catering to organizations in key regions including the United States, United Kingdom, Canada, and Europe.
Frequently Asked Questions
What is the new Tech E&O coverage by Resilience?
The Tech E&O coverage provides protection for technology businesses against potential liabilities related to their products and services, specifically for those with significant annual revenue.
Who qualifies for the Tech E&O coverage?
Clients with revenues exceeding £50 million or €25 million in the UK and Europe are eligible for this coverage.
How does the Tech E&O coverage benefit clients?
This coverage helps clients mitigate risks associated with business interruptions and protect against liability claims, reinforcing their resilience against cyber threats.
What additional services does Resilience offer alongside Tech E&O?
Alongside Tech E&O, Resilience offers cyber insurance and cyber risk quantification software to provide a comprehensive risk management solution.
Why is vendor due diligence significant for large enterprises?
Vendor due diligence is crucial as it helps large enterprises identify and manage risks associated with third-party vendors, reducing the chances of material claims linked to vendor-related issues.
