Sunday, July 21, 2024

Probitas 1492 Enhances Cyber Risk Strategy with KYND Partnership

KYND Limited, a vanguard in cyber risk management solutions, is excited to reveal its strategic tie-up with Probitas 1492, an esteemed underwriting syndicate at Lloyd’s of London. This collaboration is set to fortify Probitas’ ambitions for profitable growth within its cyber insurance segment, with KYND providing top-tier risk intelligence and analytics to bolster cyber risk assessment and mitigation throughout the insurance lifecycle. This includes enhancing underwriting accuracy, managing ongoing portfolio risks, and delving into systemic risks with the aid of bespoke war scenarios.

A pivotal element of this partnership is the provision of the enhanced KYND SIGNALS to Probitas’ Cyber underwriting team. This service, a first in the insurance industry, allows for the ongoing, targeted monitoring of cyber health within cyber insurance portfolios, aiming to prevent claims and reduce losses. It now also features KYND SIGNALS Client Reports, delivering crucial, actionable insights to support underwriting decisions and assist both existing and potential clients in bolstering their cyber resilience.

Additionally, the collaboration introduces KYND’s innovative Exposure Management solution, offering clear, detailed, and customizable cyber catastrophe scenarios. This tool is aimed at refining and expanding the syndicate’s internal cyber risk models, providing detailed insights into the drivers of potential losses and areas of risk concentration within their portfolio, including scenarios related to warfare and nation-state cyber activities. This methodology is increasingly relevant against the backdrop of rising geopolitical tensions and market evolution, ensuring a comprehensive grasp of potential risks and their impacts.

Andy Thomas, KYND’s CEO and Founder, shared his excitement: “We’re delighted to partner with Probitas to support them and their clients alike at every stage of cyber risk management, from risk selection to exposure management. Keeping pace with the dynamic nature of cyber risk as well as understanding and assessing systemic cyber risk and points of accumulation is one of the foremost challenges confronting the insurance industry today. We are therefore excited to combine our distinctive cyber risk intelligence and models with Probitas’ specialist expertise and forward-looking approach not only to help overcome existing hurdles but also contribute to the creation of a more resilient and sustainable market through the industry’s advanced view of cyber risk.”

Richard Taylor, Head of Cyber & Technology at Probitas 1492, offered his insights: “Amid a digital revolution, the corporate world is now increasingly reliant on technology and data, fostering greater connectivity than ever before. However, this shift presents many benefits and risks for modern businesses, including ever-evolving cyber threats. As a leading and specialised (re)insurance Lloyd’s syndicate, we need to be ahead of the curve. So we see it as a strategic imperative to continually search for the latest innovations. KYND’s insurance focus and unrivalled approach to cyber risk management, coupled with the flexibility and transparency provided by its innovative deterministic cyber catastrophe modelling, made partnering with them an easy decision to further enhance our underwriting and portfolio risk management capabilities as well as help inform capacity decisions.”

Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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