Business Finance

Probitas 1492 Partners with KYND for Cutting-Edge Cyber Risk Management Solutions

News TeamFebruary 21, 2024405 Comments01.6k

KYND Limited, renowned for its expertise in cyber risk management, today declared its partnership with Probitas 1492, a prominent underwriting syndicate from Lloyd’s of London. This strategic collaboration is set to empower Probitas’ aspirations for profitable growth within its cyber insurance segment. Through KYND’s superior risk intelligence and analytical capabilities, Probitas will be equipped to assess and mitigate cyber risks more effectively throughout the insurance lifecycle, including refined underwriting processes, ongoing risk management within the portfolio, and a deeper understanding of systemic risks, particularly through the lens of customised war scenarios.

This partnership grants Probitas’ Cyber underwriting division access to the enhanced KYND SIGNALS service, an industry-first in targeted and continuous monitoring of a cyber insurance portfolio’s health. This initiative aims to avert potential claims and minimise losses, now enriched with KYND SIGNALS Client Reports, which deliver critical, actionable insights for risk assessment at the point of underwriting and provide guidance for both existing and potential clients on fortifying their cyber defences.

Additionally, the alliance introduces KYND’s innovative Exposure Management solution, featuring clear, detailed, and fully customizable cyber catastrophe scenarios. This tool is designed to refine Probitas’ internal cyber risk models, offering nuanced insights into loss determinants and areas of risk concentration within their portfolio, including exposure to scenarios of warfare and cyber activities sponsored by nation-states. This approach gains significance amidst escalating geopolitical tensions and evolving market needs, ensuring a comprehensive risk and impact assessment.

Andy Thomas, founder and CEO of KYND, 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, reflected on the partnership: “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.”