KYND, which develops cyber risk management solutions, has partnered with privately owned insurance broker Hylant.
This strategic partnership will provide Hylant’s brokers and clients with exclusive access to KYND’s cyber suite of tools. This will enable faster and more successful cyber insurance applications, whilst strengthening the insureds’ cybersecurity posture.
More businesses have sought cyber coverage, rising from 26% in 2016 to 47% in 2020, as the number of cyber incidents rises, KYND stated.
However, the increased claims frequency and severity, higher losses and deteriorating profitability have forced insurers to raise premiums. KYND added that in the second quarter of 2021, cyber insurance premiums increased by over 25%.
Hylant is looking to combat this rise and will supply clients with cyber risk management solutions through KYND.
Clients will have access to KYND START, which creates stand-alone reports for instant assessment of an organisation’s attack surface. Additionally, they will access KYND READY, a first-of-its-kind risk management initiative specifically designed to accelerate and simplify cyber insurance processes for brokers and their clients.
Hylant’s new cyber offering will initially be deployed on an industry basis for education, large-scale manufacturing, and healthcare, among others.
Speaking on the partnership, KYND CEO and founder Andy Thomas 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.”
KYND has been on a partnership spree this year. It recently teamed up with digital risk processing platform Cytora. Through the deal, insurers can automatically embed KYND’s advanced cyber risk management technology within Cytora;s risk digitalisation platform.
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