A leader in next-generation cyber risk management solutions, KYND Limited, announced today a new partnership with Filhet-Allard, the leading independent insurance brokerage in France. This brings the power of KYND’s innovative technology to its exclusive 360° risk management solution tailored to the needs of businesses amid the growing threat landscape. The new partnership is geared towards enabling frictionless cyber insurance applications and renewals for Filhet-Allard’s extensive client portfolio through promoting insureds’ improved cyber resilience.
The announcement comes precisely when the increase of ransomware and supply chain attacks is reaching a new apex. The relentless threats have been affecting both public and private sectors for years, but the number of incidents have risen dramatically since the outbreak of the global pandemic; with Europe being subjected to 43% of global ransomware attacks, and the UK and France heading the list of the most targeted countries in the world by ransomware attackers. The number of supply chain incidents, in turn, quadrupled in 2021 compared with 2020. Considering the ongoing Russia-Ukraine geopolitical conflict, the amount of ransomware activity and supply chain attacks, particularly against critical infrastructures, is only expected to grow throughout this year.
Facing the prospect of major financial fallout from a single successful incident, businesses are increasingly looking for cyber coverage. But heightened underwriting scrutiny and increased premiums – both resulting from the sharp increase in claims from recent ransomware attacks – have created new barriers to addressing the largest growing risk through cyber insurance, for brokers and insureds alike.
In light of these latest developments, KYND and Filhet-Allard have risen to the challenge presented to enable businesses to obtain adequate insurance coverage at favourable terms and pricing, despite the market conditions. Under this new partnership, Filhet-Allards’ clients across France and the EU can now benefit from KYND’s immediate, unparalleled visibility into an organisation’s cyber exposure. Coupled with its tailored, prioritised remediation advice, it will allow existing and potential policyholders to take necessary steps towards risk mitigation to better prepare for future cyber insurance applications, plus to maintain a strengthened cyber posture ‘in-life’ of an insurance policy.