Managing Cyber Risk: Resilience Cyber Solutions

A 2024 ICTA nomination

Toronto, ON (Jan. 19, 2024) – Cyber risk is a concern of virtually all organizations, posing an existential threat to millions of them. Data theft, denial of service, data encryption and other incidents can all result in significant first-party financial loss and third-party liability. Compounding this challenge is the dynamic nature of cyber – the risk is evolving constantly, and traditional, siloed forms of risk transfer are unable to keep pace.

Organizations’ IT security and risk management teams need help keeping up; they require greater cyber risk visibility, a plan to improve security practices, and cyber insurance that matches their organizational needs. The Resilience Solution provides an efficient way to achieve all three, delivering advanced cyber risk visibility and actionable cyber hygiene with accountable cyber insurance.

As an integrated solution that brings together risk managers, IT security, and financial leaders together to manage cyber risk in one place, The Resilience Solution excels at cyber risk identification, risk assessment, risk control and risk financing.

The Solution is available in three package levels that surpass what companies can currently obtain elsewhere in the cyber marketplace, and additional enhanced features are also available. The solution’s Essential package features include:

• Ongoing visibility into the external attack surface risk and dark web exposure
• State-of-the-art probabilistic attack scenarios and quantification models to anticipate threat impact
• State of Your Risk Analysis summarizes and quantifies a client’s comprehensive cyber risk profile
• Virtual training offers tools to build a defensible cybersecurity budget
• A streamlined and comprehensive insurance policy that covers cyber costs, losses and liability
• Easy access to policy documents and recommendations via a digital portal
• Expert-triaged threat alerts personalized and prioritized for individual business attributes
• In-house claims and incident management available 24/7
• Best practices and “how to” cyber risk management guides
• An incident response and lifecycle management plan for review and validation

Depending on an organization’s needs and risk complexity, enhanced features in addition to the Essential features are available through the Edge package, including:

• Built-in interactivity to enable secure collaboration and accurate exposure validation
• Continuous monitoring of identity access management for multi-cloud environments
• Risk mitigation plans to translate cybersecurity controls and threats to financial risk
• Vendor risk analysis
• Annual in-depth tabletop exercises tailored to an organization’s risk operations

On top of the Essential and Edge package features, even higher-level, customizable features are available in the solution’s Enterprise package, including:

• API-integrated continuous risk assessment for the internal and external attack surface
• Holistic third-party vendor risk assessment
• Dynamic risk transfer for an organization’s evolving risk posture
• An industry-first cyber risk modeling lab for scenario and investment planning
• Advisory services with industry-leading cybersecurity and risk engineers

Business Value

There are two key data points Resilience uses to underscore the importance and benefits of its platform and approach:

• Resilience data shows only 15% of the overall Resilience client base who experienced an extortion incident in the first half of 2023 elected to pay to resolve an incident. By comparison, for all ransomware attacks analyzed by Coveware, the average payment rate was 39.5% in the first two quarters of this year.
• In 2022, 100% of Resilience’s cyber risk management solution clients were able to avoid making a ransomware extortion payment and clients overall were half as likely to need to pay an extortion as the market average measured by Coveware. This success led to a loss ratio that was three times lower than the 2022 industry average.

These data points are the result of the Resilience team focusing on the 5 Ps:

1. Platform: Our continuous learning system creates clarity from cybersecurity visibility.
2. Plan: A quantified action plan offers prioritization and context for better and faster operational decision making.
3. Policy: Comprehensive and responsive cyber coverage is purpose-built for the dynamic and complex nature of cyber risk.
4. Partnership: A human is always in the loop with Resilience’s clients. We provide expert counsel to guide, validate and augment clients’ cyber risk teams.
5. Program advocacy: The Resilience Solution ensures risk managers have cyber advocacy resources to activate their organizations into engaged communities.

About Resilience

Resilience is the cyber risk solution company that’s on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the U.S. military and intelligence communities and augmented by prominent leaders and innovators from the insurance and technology industries; Resilience helps financial, risk, and information security leaders continuously improve their organizations’ cyber resilience by connecting cyber insurance coverage with advanced cybersecurity visibility and a shared plan to reinforce actionable cyber hygiene.

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’s team is globally dispersed, with offices in New York, Chicago, Baltimore, Toronto, London, and Dublin. Resilience offers insurance coverage through its licensed and appointed insurance agency and security services through its expert security team.

For more information, visit www.cyberresilience.com. Your risk is our risk.

SOURCE: Resilience

Tags: ICTA nomination, InsurTech, resilience