Resilience, the specialist in cyber risk solutions, announced the introd
uction of coverage for technology errors and omissions (tech E&O) in the UK and Europe, supported through a new partnership with Accredited Insurances.
Resilience now offers tech E&O coverage for clients with more than £50
million or €25 million in annual revenue in the UK and Europe, respectively.
Under this coverage, Resilience provides protection for hardware, software, tele
communications providers, and web services, with limits up to £10 million or €10 million available for the UK and Europe, respectively, for both primary and excess placements.
A Resilience survey of IT and security leaders in UK companies with greater than £100 million in annual revenue in Q4 202
4, in partnership with YouGov, found that business interruption was the pr
imary concern for 72% of enterprises. Further, it was cited as the leading cause
of claims for UK businesses, with 38% filing such claims. Tech E&O aims to address this, protecting technology companies from liability.
Tech E&O supports clients in mitigating and covering liability arising from technology products and services and is a cornerstone
of building cyber resilience. Resilience’s solutions, which provide clients with financially-proven risk models, data-driven cybe
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action plans, and support from highly experienced underwriting and claims teams, make them uniquely equipped to manage complex Tech E&O risks.
Resilience is also expanding capacity to clients with more than £10 billion or €10 billion in annual revenue, providing broker partn
ers with more options in servicing clients’ complex cyber risks, the company said this week.
Large enterprises are more attuned to cyber risks. According to Resilience’s 2024 UK survey, twice as many large firms c
ompared to their smaller counterparts view vendor due diligence as effective, and
large businesses are more likely to consider vendor outages a key concern. With v
endor risk making up nearly a quarter of Resilience’s material claims in 2024, enterprises need to protect against more complex risks to prevent losses.
Both the large enterprise capacity and tech E&O capacity are available now.
“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,” commented Jack Jenner, managing director, International Insurance, at Resilience.
