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Resilience: Integrating Cybersecurity, Insurance, and Claims

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Michael Phillips, Chief Claims Officer, ResilienceMichael Phillips, Chief Claims Officer
A slew of disruptive ransomware attacks have shattered the U.S. in the past few months, including the recent breach of the software company Kaseya and American oil pipeline system Colonial Pipeline Company. According to reports, the number of ransomware attacks almost doubled in the first half of 2021. These attacks have again prompted questions pertaining to the improvement of the security posture of critical infrastructure. To this end, the cyber insurance industry needs to play a vital role by incentivizing cyber hygiene and driving security standards up.

"Cyber insurance needs to be more of a full-stack offering. It should not be just a risk transfer product that covers paid claims," adds Michael Phillips, Chief Claims Officer, Resilience. "Insurers have to be there for risk management, recovery in the wake of an attack, provide tools that prevent these threats, manage attacks that happen, and help customers stay ahead of any future threat."

Backed by the financial strength of an A+ rated capacity partner, Resilience offers cyber insurance policies with a high level of personal service, market-leading coverage, and bespoke security solutions. "Companies in the middle market segment find themselves squeezed from multiple directions. First, they're under tremendous pressure to digitize their operations. They need to gain valuable insights from their technological deployments. There has been a large spike in destructive cybercrime. Finally, they are riddled by a complex regulatory landscape," continues Phillips.

"Our goal is to upgrade the cyber insurance industry to better serve this specific market segment and make recovery as effective as possible."

Resilience's commitment to bridging the gap between cybersecurity and cyber insurance is best reflected through its Ransomware War Game framework. In this tailored threat intelligence environment, security engineers, incident responders, insurers, and clients come together to test defense strategies and highlight the areas that need improvement through employee training, further technology deployments, and simulations of potential attacks. "Our data scientists observe threat trends and design sophisticated risk models to counter the equally labyrinthine attacks," explains Phillips. "We offer a combination of a comprehensive insurance policy and a security service suite that helps organizations transition from being vulnerable to resilient in the face of attacks."

Such a robust offering has helped Resilience to broaden its customer base and garner noteworthy success stories. For instance, a manufacturing company with operations across the U.S. lacked the resources to invest in technologies that its security leadership and management team recommended. As a result, the company faced challenges in acquiring cyber insurance, which made it under-secured and under-insured in the given scale of the ransomware epidemic. Resilience partnered with the manufacturer and deployed its cyber security engineers to develop technologies that strengthened the latter's security posture. It also offered the client an insurance program to cover possible future attacks. In another instance, a company reached out to Resilience when an attack by a ransomware syndicate shut down its operations across 60 countries. Resilience put together a team of legal, technical, and forensic experts to help them navigate the situation and recover within a few days.

Backed by the prowess of many such successful partnerships, Resilience will be stepping up its game by extending its footprint into the APAC and European markets this year. Apart from the geographical expansion, the company has also launched the beta version of a suite of risk management solutions for vendors. "We'll always be laser-focused on giving our clients a broad roadmap that helps them be more cyber resilient in the future," concludes Phillips.

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Top 10 Claims Processing and Management Solution Companies - 2021

Company
Resilience

Headquarters
San Francisco, CA

Management
Michael Phillips, Chief Claims Officer

Description
Resilience offers a fresh approach to the middle market in cyber insurance backed by A+ rated carrier and an in-house claims team