Insurance broker Hylant has partnered with cyber risk management solutions provider KYND to help its clients enhance their control of cyber risk.
As part of the mandate, Hylant’s brokers and their clients will gain access to KYND’s cyber suite of tools to enable faster cyber insurance applications.
These include KYND START, a system for stand-alone reports for instant assessment of an
organisation’s attack surface, as well as KYND READY, a 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 rolled out on an industry basis for education, large-scale manufacturing and healthcare.
Driven by a sharp increase in cyber incidents, particularly ransomware attacks, the proportion of businesses opting for cyber coverage rose from 26 per cent in 2016 to 47 percent in 2020, according to research cited by KYND.
However, subsequent increased claims frequency and severity, higher losses, and deteriorating profitability have made insurers raise premiums to cover their costs.
Commenting on the partnership, Andy Thomas, CEO and founder of KYND, says: “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 are therefore excited to welcome Hylant amongst our valuable partners.
“Through the combined efforts of our advanced technology and services, and their expert team, we will enable the US 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, comments: “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.
“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.”
