High Wire Networks, Inc., a global provider of managed cybersecurity and technology enablement, has launched its Overwatch Cyber Warranty Program. The offering provides a financial safety net for managed service providers (MSPs) and their business clients in the event of a cybersecurity breach.
The program addresses the increasing rise in cybercrime, with malware and ransomware attacks causing breaches that can result in costly remediation and lost sales, as well as fines and penalties.
According to IBM’s latest Cost of a Data Breach Report, a data breach can cost a business $9.4 million on average, with 60 percent leading to the cost being passed onto customers through increased prices that diminishes business competitiveness.
Last year there were more than 4,100 publicly disclosed data breaches that exposed more than 22 billion customer records. That is likely just the tip of the iceberg, given that an estimated 98 percent of employees fail to report cyber hacks.
Despite the risk, only 40 percent of U.S. businesses carry cyber risk insurance, according to a survey conducted by Ovum. Even among those that have such insurance, only 16 percent have insurance that covers all risks.
“Given the costs of the average data breach running into the millions and so few businesses addressing the risk with cyber insurance, our MSP channel partners are understandably concerned about a costly incident occurring under their watch,” said High Wire Networks COO Stephen LaMarche. “Combining our Overwatch Managed Cybersecurity monitoring, detection and response with our cyber warranty protection plan can provide peace of mind for MSPs and their business customers, plus a meaningful competitive edge all around.”
Overwatch Cyber Warranty provides expedited reimbursement for costs associated with remediating damaging cyberattacks. Moreover, it overcomes the two primary reasons companies gave Ovum for not having insurance: cost and lack of clarity about insurance pricing.
The certified warranty also provides the underwriting requirements typically needed to qualify for a cybersecurity insurance policy.
High Wire can provide protection at a lower cost and with greater transparency compared to alternatives given the combination with its Overwatch cybersecurity services that can eliminate or diminish the impact of a successful cyberattack.
As an example, a business could obtain a $500,000 Overwatch Cyber Warranty plan that covers:
- $100,000 for ransomware and business email compromise protection.
- $100,000 for compliance and regulatory failure protection.
- $50,000 for business income loss protection.
- $250,000 for cyber legal liability protection (after other guarantees are exhausted).
High Wire also makes it easy to enroll and collect on claims, with no application, underwriting or waiting for payments. MSPs can enroll clients by simply confirming they are in good standing and subscribing to a prerequisite Overwatch cybersecurity services stack that would include antivirus, encryption, multifactor authentication, maintenance (patches and updates), security awareness training, bank routing change verification and regulatory compliance.
Overwatch Cyber Warranty is not cyber insurance, but it can be paired with more affordable cyber insurance policies for added protection. Overwatch Cyber Warranty clients may qualify for discounted or below-market cyber insurance policies of $1 million or more because as users of Overwatch cyber security services they are following best practices for cybersecurity.
The Overwatch Cyber Warranty Program enables MSPs to realize multiple important benefits:
- Increased monthly recurring revenue (MRR) from full-stack sales.
- Decreased risk of cyberattacks.
- Improved return on investment.
- Reduced breach liability.
- Greater differentiation from competitors.
- Lower customer churn.
To learn more about Overwatch Cyber Warranty Program, visit High Wire Networks online or email firstname.lastname@example.org.