Microsoft and At-Bay Partner to Offer Data-Driven Cyber Insurance Coverage
On Wednesday,
This new area of insurance is growing rapidly; however, uncertainty is common as insurers struggle to acquire and use dynamic, real-time data needed to mitigate cyber-risk -- while growing threats like ransomware drive urgency.
Given the broad adoption of Microsoft solutions in companies of all sizes, Microsoft is working with insurers to address their customers' cybersecurity needs and reduce insurers' own risk of loss, through increased data visibility and standardized controls. Insurance carriers, agents, reinsurers and brokers are required to understand and assess cybersecurity threats for each of their insureds.
With this complexity, insurers are seeking increased visibility into each company's security environment and hygiene to better underwrite new policies. To address this, Microsoft is teaming with key insurance partners to offer innovative data-driven cyber insurance products allowing customers to safely share security posture information through platforms like Microsoft 365 and Microsoft security solutions. All data and details about a covered company's technology environment will be owned and controlled entirely by that customer, but customers can opt-in to securely share them with providers to receive benefits like enhanced coverage and more competitive premiums. This model rewards customers with real savings when adopting cybersecurity best practices and gives insurers the information they need to proactively protect their customers against breaches.
Partnership with
Today Microsoft announces a partnership under this initiative with groundbreaking cyber insurance company,
Beginning
Interested businesses can contact their insurance agent to get started. In addition to these security controls, the level of savings is dependent on the loss history and individual risk profile of each business.
"An insurance policy is an effective tool to articulate the impact of cybersecurity choices on the financial risk of a company. By offering better pricing to companies that implement stronger controls, we help them understand what matters in security and how best to reduce risk," said
"For cyber insurance to play a meaningful role in overall risk management, buyers and sellers need the benefit of data and clear visibility into what is covered and factors either minimizing or multiplying risk exposure," added
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Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
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