Ransomware is one of society’s most pervasive cybersecurity threats and poses a critical risk to any organization’s security. The threat of cyber attacks and ransomware is growing for the manufacturing sector, but insurers are getting ahead now to curb the risk. In Risk and Insurance’s leading story on cyber risk, Michael Phillips, Chief Claims Officer for Resilience, discusses the ongoing potential for silent or non-affirmative cyber risk such as ransomware attacks, and the challenges the insurance industry may face.
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Resilience provides comprehensive insurance coverage and patented cybersecurity tools to protect mid-market companies. By bringing together security, insurance, and recovery, Resilience goes beyond risk transfer to help clients become cyber resilient. Resilience Insurance, the cyber program manager of Intact Insurance Specialty Solutions – rated A+ by A.M. Best – leverages Cyber Meteorology, a proprietary data-driven risk analytics platform, to provide highly targeted coverage and allowing for a superior claims experience. Resilience is backed by Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, UL Ventures and John Thompson, Chairman of Microsoft. For more information, visit www.resilienceinsurance.com and follow us on Twitter and LinkedIn.