Small and medium-sized enterprises, or SMEs, are targets for cyberattacks, with 68% of organizations experiencing such attacks annually, according to the 2023 Hybrid Security Trends Report. But why do attackers target SMEs?
Cybercriminals often target SMEs due to their perceived lack of sophisticated security infrastructure and internal cyber expertise. These organizations may lack the financial and personnel resources to effectively combat cyber threats, making them attractive targets for attackers seeking easy gains.
The consequences of cyberattacks on SMEs can be devastating as they can range from financial loss and reputational damage to operational disruption and legal liabilities. Successful attacks can lead to data breaches, ransomware incidents and system failures, all of which impact an SME's ability to conduct business. In addition to the direct costs associated with recovering from an attack, SMEs may also face indirect costs, such as lost revenue, customer churn and increased insurance premiums.
In an effort to mitigate these risks, Mulberri, a digital insurance platform redefining business insurance, announced its collaboration with Qualys, a provider of disruptive cloud-based IT, security and compliance solutions. Together, the two will offer exclusive discounts on cyber insurance for eligible customers.
"By aligning our cyber insurance with Qualys, we are furthering our mission to make insurance more accessible, affordable, and responsive to the actual SMEs cyber risk landscape,” said Hamesh Chawla, co-founder and CEO of Mulberri. “Businesses that actively manage their security posture with Qualys deserve to see exclusive benefits.”
Mulberri Cyber is designed to meet the evolving needs of businesses. The product provides protection against a wide variety of cyber threats, with easy-to-understand policies and straightforward premiums. It also ensures fast response to cyber incidents and covers a range of scenarios including data breaches, ransomware and network interruptions.
Here’s what it means for customers.
Eligible Qualys customers will qualify for lower premiums on cyber insurance through Mulberri Cyber. Additionally, thanks to the integration with Qualys, the process of obtaining cyber insurance is simpler and more efficient for customers, requiring just a single underwriting question.
“With our new Risk Operations Center delivered by Qualys Enterprise TruRisk Management, we are seeking to transform the cyber insurance underwriting process by taking the first step into an inside-out view of cyber risk for insurance,” said Rich Seiersen, chief risk tech officer at Qualys. “We want to provide insurers with real-time, comprehensive insights into an organization's risk landscape. This innovation not only enhances the underwriting experience but also empowers businesses to proactively measure, communicate and eliminate their cyber risks."
By working together, Mulberri and Qualys are building a stronger future for SMEs, reducing cyber risk and mitigating the financial consequences of potential incidents.
Edited by
Greg Tavarez
