LONDON, UK, 14 December 2023 – KYND Limited, a leader in cyber risk management, and Consilium, the international (re)insurance broker, part of the Aventum Group, today announced a strategic partnership. Under this new collaboration, Consilium’s insurance brokers will leverage KYND’s industry-leading, actionable cyber risk assessments to gain complete visibility into their prospective and existing clients’ organisational exposure, enabling them to promote cyber readiness, and drive sustainable revenue growth.
In the wake of the global surge in corporate cyber attacks, the cyber insurance market has emerged as the fastest-growing insurance subsector, with projections indicating an increase from $10.3 billion in 2023 to $17.6 billion by 2028. Despite this escalating demand, significant challenges remain. Businesses frequently lack awareness of their cyber risk and the pivotal role that cyber coverage can play in protecting their operations. To effectively evaluate their clients’ exposure and foster well-informed, confident conversations about this dynamic risk, brokers require an accurate, up-to-date, and complete view of an organisation’s risk profile in today’s ever-evolving threat landscape.
To further enhance its risk management capabilities as well as convey the growing significance of cyber risk to their clients, Consilium has strengthened its proposition with START Reports, KYND’s signature instant and non-intrusive vulnerability assessments. As part of the agreement, the specialist broking firm will also harness KYND’s recently launched and highly acclaimed KYND SIGNALS Client Reports. By offering a tailored, prioritised view of the risks considered by insurers in insurance decision-making, these game-changing reports will serve the dual purpose of supporting Consilium’s clients in improving their cyber risk profile prior to submission and also ensuring an applicant’s suitability for coverage before presenting them to the insurance marketplace.
Andy Thomas, CEO and Founder of KYND, said: “We’re delighted to welcome Consilium as our newest valued broker partner. As cyber coverage becomes an integral part of every organisation’s overall cyber security strategy, we look forward to equipping Consilium’s broker teams with KYND’s powerful risk data, which will provide the insight needed to accurately assess an organisation’s exposure, assert the importance of cyber insurance, and help win more business – all this while supporting them in further solidifying their position as a trusted risk advisor to their clients.”
Tom Abbotts, Associate Partner, Cyber Tech & Fintech at Consilium, commented on the partnership: “As staunch supporters of digital transformation as a catalyst for businesses, we at Consilium fully understand the risks it entails in today’s highly interconnected era. Helping businesses to navigate this complex and ever-evolving landscape with confidence necessitates a collaborative approach, uniting industry experts with best-in-class, innovative technologies to deliver the best solutions for businesses, which is exactly what this partnership is about. We are, therefore, excited to be partnering with cyber risk management experts KYND whose actionable and intelligible risk intelligence will further bolster our bespoke insurance solutions and specialised guidance on risk management, enabling our customers to get a handle on cyber risk.”