KYND Limited, a leading entity in cyber risk management, and Consilium, the international (re)insurance broker under the Aventum Group, have announced a significant strategic partnership.
This alliance sees Consilium’s insurance brokers leveraging KYND’s cutting-edge and actionable cyber risk assessments to obtain a comprehensive understanding of prospective and current clients’ organisational exposure to cyber risks.
The partnership aims to promote cyber readiness, fostering informed discussions, and driving sustained revenue growth.
The collaboration between KYND Limited and Consilium arrives in response to the global upsurge in corporate cyber-attacks, amplifying the importance of the cyber insurance market.
With an anticipated escalation from $10.3bn in 2023 to $17.6bn by 2028, according to a report from MarketsandMarkets, the cyber insurance market’s rapid growth underscores its significance.
However, businesses are grappling with cyber risk awareness, necessitating the essential role of cyber coverage in safeguarding operations. Brokers, therefore, require accurate and updated insights into an organization’s risk profile to engage in confident conversations about the dynamic risks within today’s evolving threat landscape.
In bolstering its risk management capabilities and highlighting the rising importance of cyber risk, Consilium augments its proposition with KYND’s START Reports.
These instant and non-intrusive vulnerability assessments serve to offer a well-informed view of risks, aiding clients in refining their cyber risk profile before insurance submissions.
Additionally, Consilium integrates KYND SIGNALS Client Reports, delivering prioritized insights into risks considered by insurers, thereby supporting clients and ensuring their eligibility for coverage before entering the insurance marketplace.
Andy Thomas, CEO and Founder of KYND, welcomed the new partner: “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.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
