Resilience Unveils Comprehensive Tech E&O Coverage for UK and European Markets
In today’s rapidly evolving digital landscape, managing cyber risks has become paramount for businesses. Resilience, a prominent provider of cyber risk solutions, has responded to this need by launching a new Technology Errors and Omissions (Tech E&O) coverage across the UK and Europe, in collaboration with Accredited Insurances. This innovative coverage addresses the growing concerns surrounding business interruptions and vendor risks, particularly for large enterprises.
Understanding the New Tech E&O Coverage
The introduction of the Tech E&O coverage is timely, given that a recent survey conducted by Resilience and YouGov revealed that 72% of IT and security leaders in UK firms with annual revenues exceeding £100 million view business interruption as their primary concern. Additionally, 38% of respondents reported having filed claims related to such incidents.
Key Features of Tech E&O Coverage
This newly launched Tech E&O product offers essential liability protection for companies involved in the development or use of technology products and services, which include:
- Hardware
- Software
- Telecommunications
- Web services
The coverage is available to firms with annual revenues exceeding £50 million or €25 million, offering limits of up to £10 million or €10 million across the UK and Europe, respectively. It can be utilized for both primary and excess placements, ensuring that clients have flexible options to meet their specific needs.
Comprehensive Cyber Risk Solutions
Resilience’s suite of cyber risk solutions is built on financially-proven models, real-time insights, and customized action plans. Their offerings include:
The underwriting and claims teams at Resilience are renowned for their expertise in navigating complex cyber exposures, solidifying their status as a trusted partner for businesses facing evolving digital threats.
Expanding Capacity for Large Enterprises
In addition to the Tech E&O coverage, Resilience is also expanding its capacity for clients with revenues exceeding £10 billion or €10 billion. This enhancement provides broker partners with increased flexibility to address the intricate cyber needs of large-scale enterprises.
Insights from recent surveys indicate that larger companies are more likely to recognize the significance of vendor risk. In fact, twice as many large businesses compared to smaller ones consider vendor due diligence effective. Notably, vendor-related issues accounted for nearly a quarter of Resilience’s material claims in 2024, highlighting the critical need for robust coverage in the current cyber threat landscape.
Expert Opinion
Jack Jenner, Managing Director of International Insurance at Resilience, emphasized the importance of understanding the complex needs of technology companies: “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 more holistic and integrated risk management solution to our clients.”
For more information about Resilience’s products and services, visit their official website or explore their About Us section for further insights.
