Hackers and cybercriminals are like lions, hiding low in the grass, waiting for the right time to pounce. (In this case, to exploit vulnerabilities within an organization's network and systems.) The consequences of a successful cyberattack, as most are aware of, can be devastating in terms of financial losses and damage to a company's reputation.
As a result of the constant sophistication of bad actors, cybersecurity solutions are constantly innovated to help organizations stop attacks, which is great. Organizations need these solutions in place to stay vigilant and proactive in their efforts to protect themselves and their customers from cyber threats.
One question does come to mind, though. Do organizations have something in place to help mitigate the financial impact if an attack were to happen – maybe along the lines of cyber insurance?
Cyber insurance policies typically cover a wide range of potential risks, including data breaches, hacking attacks, network outages and other types of cyber threats. One would hope that most organizations have cyber insurance in place.
And most do. According to a Sophos report, cyber insurance adoption is now the norm with 91% of organizations reporting having coverage, with an additional 8% reporting they don’t currently have coverage but plan to obtain it in the next year.
Sophos is a cybersecurity solutions provider that offers managed detection and response and incident response services, as well as a range of endpoint, network, email, and cloud security technologies. The company defends more than 500,000 organizations and 100 million users globally against various cyber threats using its cross-domain threat intelligence unit, Sophos X-Ops.
Sophos’ report also revealed that the cost of a cyber insurance policy is directly impacted by the quality of cyber defenses. That’s good news for Sophos’ U.S.-based customers. In recognition of their strong cyber defenses, Sophos entered a partnership with Measured Analytics and Insurance, the AI-powered cyber insurance provider, to unlock Measured insurance premium savings.
Measured is a U.S.-based cyber insurance provider that offers an analytics-based approach to cyber insurance and use AI-powered analytics that tracks individual exposure in real-time to create smarter insurance products.
With this new partnership, Sophos endpoint customers looking to secure insurance coverage can opt in to share their security posture from the Sophos Central platform with Measured.
What this means, essentially, is that real-time assessments are exclusively used to determine policy eligibility and premium discounts based on the various Sophos offerings used, protection status and security hygiene of protected assets, and compliance with Sophos recommended security policies.
“The connection between robust cyber defenses and optimized cyber insurance makes this partnership a natural extension of our innovative, analytic approach to cyber underwriting,” said Jack Vines, CEO at Measured. “We’re rewarding organizations that use Sophos with better coverage and lower rates because of their stronger cyber hygiene and lower risk profile.”
Raja Patel, Senior Vice President of Products at Sophos, emphasizes how this partnership further validates the quality of Sophos’ security solutions and MDR services. Now, their customers are rewarded for optimized defenses.
Edited by Alex Passett