Last Updated on: 22nd November 2023, 12:30 pm
KYND Limited, a leading provider of next-generation cyber risk management technology, has announced a strategic partnership with MDS, a Portugal-based Lloyd’s broker with a strong presence in the world’s largest specialised insurance market. The collaboration between MDS and KYND aims to enhance client retention, bolster the cyber resilience of portfolio organisations, and facilitate the implementation of proactive cyber risk management strategies in response to the rapidly evolving digital landscape.
Both MDS and KYND share a common objective of increasing awareness and visibility of cyber risks. A 2022 survey of global CIOs revealed that 66% of respondents planned to increase investment in cybersecurity. MDS’s commitment to enhancing the visibility of cyber insurance reflects its foresight in recognising that cyber threats are among the most significant risks faced by businesses. A 2023 report showed that with over 500,000 new forms of malware being detected every day, organisations need to proactively address cyber risks to safeguard their business operations from potentially devastating impacts.
The partnership between KYND and MDS aims to address this challenge and establish MDS as a trusted advisor to its clients throughout the insurance policy lifecycle. KYND’s advanced cyber risk management technology and expert advisory services will complement MDS’s role. KYND’s cutting-edge START reports, which provide vulnerability assessments, will equip MDS’s broking specialists with an instant and non-intrusive snapshot of an organisation’s risk posture. MDS can leverage these reports to offer tailored remediation advice, prioritising the most critical cyber vulnerabilities pre-submission. This approach not only reduces claims but also improves the overall cyber resilience of MDS’s portfolio.
Andy Thomas, CEO and Founder of KYND, expressed his enthusiasm for the partnership, stating, “We are delighted to support MDS as they strive to raise awareness of the necessity of cyber insurance. Partnering with a company that sets trends rather than follows them and values proactive cyber risk management is an honor. Together, we aim to enhance visibility of digital threats and strengthen cyber resilience in an uncertain cyber environment.”
Pedro Pinhal, Technical and Claims Director of MDS Group, highlighted the importance of being a trusted advisor to customers and explained the rationale behind partnering with KYND. He emphasised that KYND’s actionable risk intelligence, designed to help organisations improve their cyber defenses while obtaining cyber insurance on favorable terms, aligns with MDS’s mission. Pinhal also expressed how utilising KYND’s services will enable MDS to select the right cyber risks, win more clients, drive client retention, and enhance their overall insurance offering.
The partnership between MDS and KYND holds promise for advancing cyber insurance adoption and proactive risk management, ensuring that businesses are well-equipped to mitigate cyber threats and protect their operations in an increasingly competitive and cyber-risk-prone landscape.
