Last Updated on: 20th February 2024, 05:49 pm
KYND Limited, a trailblazer in cyber risk management, is proud to announce its strategic alliance with Probitas 1492, a renowned Lloyd’s of London insurance syndicate, to facilitate the syndicate’s profitable expansion in cyber insurance. KYND will leverage its premier risk intelligence and analytics to enable Probitas to effectively evaluate and control cyber risks throughout the insurance cycle, from underwriting to portfolio management and understanding systemic risks, including the implications of specific war scenarios.
As a key aspect of this collaboration, Probitas’ Cyber underwriting squad will be granted access to the newly improved KYND SIGNALS, a groundbreaking service in the insurance industry for continuous and targeted monitoring of cyber hygiene within their cyber insurance portfolio. This will assist in preempting claims and mitigating losses. Additionally, the offering now encompasses KYND SIGNALS Client Reports, providing crucial, prioritised risk insights to assist in underwriting decisions and guide insured entities towards improved cyber resilience.
Furthermore, this partnership marks the introduction of KYND’s novel Exposure Management solution, which employs transparent, detailed, and highly adaptable cyber catastrophe scenarios. This innovation aims to refine Probitas’ internal cyber risk models, offering in-depth insights into the key drivers of potential losses and areas of risk concentration within their portfolio, including scenarios involving warfare and state-backed cyber activities. This method is particularly relevant given the current geopolitical climate and market demands, ensuring a thorough understanding of potential risks and their impacts.
Andy Thomas, KYND’s CEO and Founder, remarked: “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, commented on the collaboration: “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.”
