- The partnership offers both financial protection and technical response to address cyberthreat risks.
- Cysurance provides various insurance coverage plans to Sophos MDR customers, all of which are offered at a fixed price.
Sophos Group plc, a provider of cybersecurity services, recently announced a new partnership with Cysurance LLC, a provider of risk management services, to offer fixed-price cyber insurance to Sophos’ managed detection and response customers in the United States.
Cyber insurance is not brand-new. For instance, Sophos already collaborates with Cowbell Cyber Inc. to offer cyber insurance to its clients. However, it is asserted that the policies made available through the new partnership with Cysurance are unique because they acknowledge businesses with a layer of threat detection and response services to fend off cyberattacks.
The offering comes at a time when cybersecurity threats are expanding quickly and getting more complicated. According to Sophos, the landscape is changing so fast that many businesses find it challenging to keep up. According to a recent Sophos report, 59% of security professionals in the United States admit that the sophistication of current threats presents them with difficulties.
The partnership provides financial protection and a technical response to reduce the risks cyberthreats bring. The insurance policies made available through the partnership are explicitly designed for businesses using Sophos’ MDR service rather than generic insurance policies. The policies consider the security measures that organizations have put in place to handle potential attacks and lessen the financial impact in case of a breach.
Sophos MDR customers can choose from several insurance coverage options from Cysurance, all of which have set prices. The range of coverage amounts, including provisions for ransomware, is USD 275,000 to USD 3.2 million.
Co-founder and Chief Executive Officer of Cysurance, Kirsten Bay, said, “The lack of comprehensive and integrated security strategies largely explains why cyber insurance policy fees are rising while coverage limits are declining. Those without defense-in-depth strategies are in great trouble. We’re focused on helping organizations take responsible steps to implement proper cybersecurity to protect their business and digital assets.”
2018 saw the founding of Cysurance, which bills itself as a leading provider of risk management services that insures, provides warrants, and certifies security solutions. Offerings with a Cysurance certification lessen the risks faced by executives in the public, private, and nonprofit sectors.