PRESS RELEASE: KYND introduces next level Exposure Management for insurers to tackle cyber accumulation risk
PRESS RELEASE: Gen2 Broking to join KYND’s Broker Programme to help businesses take control of cyber risk
KYND Limited, a leading provider of pioneering cyber risk management solutions, welcomed independent insurance specialist Gen2 Broking as the latest member of its fast-growing KYND Broker Programme. The newly formed partnership aims at helping Gen2’ broker members and their clients tackle the challenge in understanding and managing complex cyber risks, thus enabling and supporting the sustainable growth of the hardening cyber insurance market.
According to the Hiscox Cyber Readiness Report 2020, the median cost of a cyber attack rose almost sixfold worldwide between 2019 and 2020, and the frequency of attacks, partially triggered by the global COVID-19 pandemic, is escalating rapidly. But despite the significant threat level, only 26% of the firms surveyed in Hiscox's report have a stand-alone cyber insurance policy. Most businesses continue to rely on their generic insurance policies or have no cyber insurance at all.
Launched in May 2020 and having successfully grown globally, the exclusive KYND Broker Programme is the industry’s first specialist initiative for broker members and their clients, to help them identify and effectively minimise their risk of the ever-increasing exposure to cyber-attacks. Through this partnership, Gen2 Broking will benefit from a comprehensive suite of KYND’s advanced cyber risks management tools and services to empower their clients with powerful, actionable insight into the cyber risks facing their organisation and start the remediation process whilst staying on top of key vulnerabilities across the insurance policy life cycle.
Andy Thomas, KYND’s CEO, said: “The increased global digitalisation - together with dramatic operational changes caused by the global pandemic - has been a large catalyst for a sharp increase in cyber-attacks worldwide during the last few years; and this threat only continues to rise in its scale and complexity. Fortunately, by leveraging KYND’s powerful, cutting-edge cyber risk technology coupled with the team’s first-hand industry expertise, we can effectively support Gen2 Broking and their clients in getting meaningful, actionable insights to how they can safely navigate this rapidly evolving threat landscape.”
Jon Nottingham, Gen2 Broking’s Founder, added: “In today’s digital world, if there is ever a class of insurance where the focus should be on risk mitigation, rather than just relying on insuring the risk – cyber would be the one. At Gen2 Broking, we take pride in understanding and sharing our clients’ challenges. That’s why when it comes to managing their cyber exposure, we always strive to provide them with innovative solutions and practical advice tailored to their specific business needs – and KYND enables us to do that brilliantly! KYND’s pioneering cyber risk management technology and outstanding specialist support perfectly assists us in our efforts and underpins our risk management forward approach.”
Founded in March 2018 and headquartered in London, KYND is a new breed of cyber company. KYND makes complex cyber risks simple to understand and manage for every organisation, regardless of size, means or industry sector.
About Gen2 Broking
Gen2 is a group of companies dedicated to helping exceptional businesses and individuals to be successful, through navigating them through an ever-increasing world of risk.
We are experts in providing advice and solutions that protect what's important to you and enable you to focus on the things that make you exceptional. We focus on every detail of what's important now, but more importantly what the most successful future looks like for you.
We believe in building trusted human relationships and in principles of doing business the right way. But we also embrace technology and are innovators in technology that enhances human relationships, not detracts from it. Personal service and dedication is not something we will ever compromise.
For more information, please visit https://www.gen2group.co.uk/
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