Driven by a sharp increase in cyber incidents, particularly ransomware attacks, the proportion of businesses opting for cyber coverage rose from 26% in 2016 to 47% in 2020. But subsequent increased claims frequency and severity, higher losses, and deteriorating profitability have made insurers raise premiums to cover their costs. In the second quarter of 2021, cyber insurance premiums grew by more than 25%. Renewal rates, in turn, increased by more than 34% in last year’s fourth quarter. As a result, rapid premium growth and more stringent cyber underwriting requirements imposed by insurers have left many businesses unable to obtain or afford policies.
Aiming to tackle the persistent challenges inflicted by the hardening cyber insurance market, the Hylant team will now be able to provide its clients with additional industry-leading cyber risk management solutions, delivered by KYND, that will help organisations take firm control of cyber risk. These include KYND START, stand-alone reports for instant assessment of an organisation’s attack surface; and KYND READY, the first-of-its-kind risk management initiative specifically designed to accelerate and simplify cyber insurance processes for brokers and their clients.
Hylant’s new, advanced cyber offering will initially be rolled out on an industry basis for education, large-scale manufacturing, and healthcare – some of the most susceptible industries to damaging cyber-attacks – among others.
Andy Thomas, KYND’s CEO and Founder, said: “Strong reliance upon technology is a requirement for modern businesses to remain agile and competitive, but it also brings increased exposure for organisations to take care of. To help insureds keep pace with today’s dynamically changing threat landscape, there is now the need for a smarter, more effective way to get a handle on cyber risk. We’re therefore excited to welcome Hylant amongst our valuable partners! Through the combined efforts of our advanced technology and services, and their expert team, we’ll enable the U.S. private and public sector organisations to improve their risk profiles, secure the right cyber coverage, and future-proof against the unexpected.”
Alex Clark, Vice President of Hylant’s Cyber Risk Practice, commented: “At Hylant, we understand first-hand the ever-present threat of cyber-attacks and the devastating implications it can cause for organisations in today’s interconnected world. Being trusted risk advisors, we strive to provide the highest quality service and support for our clients. Hence, our teams go above and beyond to deliver best-in-class capabilities and solutions to help them protect their businesses against this looming threat. We see this growing relationship with KYND as a key milestone as we move towards our mission, making better-informed and timely decision-making around cyber risk a reality for brokers and insureds alike.”
KYND is on a mission to make complex cyber risks easy to understand and manage. KYND’s pioneering technology makes assessing, understanding, and managing cyber risks easier and quicker than ever before and is used by insurers, brokers, and their clients. Recognising one size doesn’t fit all, KYND has designed made-to-measure InsurTech products that work for any size business, from any industry, anywhere in the world.
KYND’s unparalleled cyber-risk management tools not only enable accelerated sales of cyber policies, speeds up renewal and helps control client risk but also supports better underwriting decisions by removing complexity, providing instant insight into cyber risk profile while reducing insured’s risk exposure with continuous monitoring and alerts.
For more information about KYND, visit: https://www.kynd.io/
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