Computing technology giant Microsoft and cyber insurance firm At-Bay have formed a new partnership to deliver data-driven cyber insurance, with a focus on identifying new ways to improve customers’ digital risk exposure and proactively addressing their vulnerabilities. As of the beginning of October, Microsoft 365 customers in the U.S. are now eligible for savings on At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multifactor authentication and Microsoft Defender for Office 365. They can also manage cyber risk with At-Bay’s free active risk monitoring services.
At-Bay diligently monitors the network security of every business it insures, at no additional cost, throughout the life of the policy. If a new cyber vulnerability is identified, At-Bay’s security team notifies the insured and provides actionable recommendations to swiftly mitigate the risk, greatly reducing the likelihood that small and medium-sized businesses (SMBs) fall victim to ransomware attacks.
“An insurance policy is an effective tool to articulate the impact of cybersecurity choices on the financial risk of a company,” said Rotem Iram, co-founder and CEO of At-Bay. Microsoft is actively working with other insurers to protect their customers and reduce the risk of loss, offering innovative, data-driven cyber insurance products within the Microsoft 365 suite of services.