REDMOND, Wash. — Microsoft is teaming up with the cyber insurance company At-Bay.
Under the partnership, businesses in the U.S. 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 multi-factor authentication and Microsoft Defender for Office 365, according to the companies this month.
The offer is available through At-Bay’s broker community and for customers using any version of Microsoft 365.
Interested businesses can contact their insurance agent to get started. The level of savings is dependent on the loss history and individual risk profile of each business.
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.”
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At-Bay assesses the cyber risk of each 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 customers. Those companies insured are seven times less likely to experience a ransomware incident than the industry average, according to At-Bay.
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“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,” said Ann Johnson, corporate VP of security, compliance and identity (SCI) business development, Microsoft.
A cyber 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, At-Bay.
“By offering better pricing to companies that implement stronger controls, we help them understand what matters in security and how best to reduce risk,” Iram said.
“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.”
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