CORRECTING AND REPLACING: HUB Security Launches a Confidential Computing Cyber Solution for the Insurance Industry
--News Direct--
HUB provides advanced cyber protection for data at rest, data in transit, and mainly - data while in use - a time when data cannot be encrypted and is at its most exposed phase. The timing for HUB’s solution may provide the insurance industry with an immediate answer to the growing number of cyber and ransomware incidents. Ransomware attacks are the most common form of malware with approximately 304 million incidents in 2021 and growing at a staggering rate of nearly 100% in 2022, with 603 million attacks. Even more notable, nearly all companies, regardless of size are affected, with 76% of all organizations worldwide suffering one or more ransomware events in 2021 according to
Because of this significant risk, companies in highly regulated industries, such as banking, insurance, and healthcare, are often required by partners, regulators, and lenders to hold cyber insurance. Yet due to the historical challenge of protecting against cyber incidents, strict policy underwriting has limited the number of companies that are able to obtain adequate coverage. For those who qualify, premiums are often cost-prohibitive. Increasingly, many traditional cyber insurance carriers are rethinking even offering this insurance, leaving the market exposed.
HUB is working with Virtual I Technologies (“VIT”), a
HUB together with its partner has created a risk management solution for carriers to offer their insureds that includes a secure file vault licensed as a Platform-as-a-Service. The platform, called “HUB Secure File Vault” provides three major elements of protection:
- Makes it much harder for malware to get into client systems
- If malware does gain entry, it is detected in milliseconds, and cleaned
- If malware attempts to steal private information, the transfer of data is blocked
About
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the anticipated benefits of the transaction, and the financial condition, results of operations, earnings outlook, and prospects of the combined company. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "future," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "seem," "should," "will," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of HUB, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of HUB prove incorrect, actual results may vary in material respects from those expressed or implied in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this press release and attributable to HUB or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in the press release. Except to the extent required by applicable law or regulation, HUB undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events.
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