Microsoft and At-Bay partner to offer data-driven cyber insurance coverage
PR92009
REDMOND, Wash., Sept. 30, 2021 /PRNewswire=KYODO JBN/
-- Customers managing cyber-risk with Microsoft 365's built-in security
controls qualify for savings on At-Bay cyber insurance policies
On Wednesday, Microsoft Corp. is announcing a new multiyear commitment to help
the insurance industry create superior and data-driven cyber insurance products
backed by Microsoft's security solutions. Managing risk is a critical business
objective for all companies. Yet, even with the adoption of best-of-breed
cybersecurity technologies and best practices, companies can face residual risk
due to inconsistent management of apps and other productivity platforms
exploited by a quickly evolving threat landscape. To bridge this gap, insurance
providers have begun offering policies to help mitigate the impact of data
breaches and ransomware attacks.
Logo - https://mma.prnewswire.com/media/24227/Microsoft_Logo.jpg
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 At-Bay
Today Microsoft announces a partnership under this initiative with
groundbreaking cyber insurance company, At-Bay (
https://c212.net/c/link/?t=0&l=en&o=3306378-1&h=4095391889&u=http%3A%2F%2Fwww.at-bay.com%2F&a=At-Bay
). Through its modern approach to risk management, At-Bay assesses the
cyber-risk of every company it insures and provides actionable insights on how
customers can improve their security posture. Incentivizing the implementation
of security controls with improved policy terms and pricing has strengthened
the overall security of At-Bay's portfolio companies. According to At-Bay,
their insureds are seven times less likely to experience a ransomware incident
(
) than the industry average.
Beginning Oct. 1, businesses in the United States that use Microsoft 365 are
eligible for savings on their At-Bay cyber insurance policy premiums if they
implement specific security controls and solutions, including multifactor
authentication (
) and Microsoft Defender (
) for Office 365. Microsoft is also actively working with At-Bay to identify
additional ways to improve the digital risk exposure of its customers and
proactively address vulnerabilities. This offer will be available through
At-Bay's broker community and available for customers using any version of
Microsoft 365.
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 Rotem Iram,
co-founder and CEO of At-Bay. "Working with Microsoft enables us to educate
customers on the powerful security controls that exist within Microsoft 365 and
reward them for adopting those controls."
"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 Ann
Johnson, Microsoft's Corporate Vice President of Security, Compliance &
Identity (SCI) Business Development. "Microsoft's partnership with At-Bay
brings important clarity and decision-making support to the market as
organizations everywhere seek a comprehensive way to empower hybrid workforces
with stronger, centralized visibility and control over cloud applications
boosting security and productivity."
For more insights from Microsoft and At-Bay's partnership, join the InsureTech
Connect (ITC) ( https://vegas.insuretechconnect.com/ ) conference, Oct. 4-6 in
Las Vegas, for a presentation, "Better Together: Microsoft and At-Bay Team Up
to Help SMBs Proactively Manage Cyber-Risk," at 2 p.m. PDT on Wednesday, Oct.
6.
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.
Source - Microsoft Corp.
CONTACT: Microsoft Media Relations, WE Communications for Microsoft, (425)
638-7777, rapidresponse@we-worldwide.com
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