At-Bay, a provider of cybersecurity-driven insurance solutions, has launched two new offerings aimed at giving mid-market and small businesses stronger protection against ransomware and financial fraud.
Ransomware and financial fraud continue to pose significant challenges for businesses. In 2024, ransomware claims among mid-market and small companies increased by 20% for the third consecutive year, with average costs nearing $470,000 per incident.
Financial fraud, though generally less severe, occurs twice as often, with average losses around $270,000—often exceeding the limits of traditional insurance coverage.
Ken Riegler, President of At-Bay Insurance, said: “By harnessing security to improve a company’s risk profile, we unlock drastically better outcomes and economics for our customers.
“Ransomware and financial fraud remain major threats, yet our Managed Detection and Response team remediates incidents in an average of just 15 minutes. These packages are a game-changer: They will stop attacks before they escalate and create the opportunity for superior coverage enhancements.”
At-Bay’s InsurSec packages provide continuous security monitoring and rapid threat response, helping businesses reduce risk and avoid unexpected costs.
Policyholders can maintain consistent premiums even after a ransomware claim, gain immediate access to ransomware coverage without standard waiting periods, and receive financial protection of up to $1 million for fraud-related losses.
These offerings are designed to give businesses the resources needed to recover quickly from cyber incidents while potentially lowering overall insurance premiums.
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