Sophos, a leader in delivering cybersecurity as a service, will partner with Measured Analytics and Insurance, the AI-powered cyber insurance provider. The collaboration unlocks Measured insurance premium savings for Sophos’ U.S.-based customers in recognition of their strong cyber defenses.
Research published today finds cyber insurance adoption is now the norm with 91 percent of organizations reporting they have coverage, with an additional eight percent reporting they don’t but plan to obtain it in the next year.
For those that purchased a cyber insurance policy in the last year, 95 percent say the quality of their cyber defenses directly impacted their insurability:
- 60 percent say it impacted their ability to get coverage
- 62 percent say it impacted the cost of their coverage
- 28 percent say it impacted the terms of their policy
Insurance coverage plays a role in an organization’s ability to recover from an attack:
- Organizations with cyber insurance are more likely to be able to recover data that was encrypted in a ransomware incident: 98 percent of those with a standalone policy and 97 percent of those with cyber as part of a wider insurance policy were able to recover encrypted data after a ransomware attack, compared to 84 percent of those without cyber coverage
Organizations with standalone cyber insurance policies are almost four times more likely to pay the ransom to recover encrypted data than those without cyber coverage: of those that had data encrypted in a ransomware incident in the last year, 59 percent of those with a standalone cyber insurance policy paid the ransom, compared with 37 percent of those with cyber as part of a broader insurance policy and 15 percent of those that don’t have cyber insurance
“The caliber of an organization’s cybersecurity defenses in protecting against active adversaries is critically important. Organizations need to properly configure and manage security technologies and also effectively respond to threats – and that requires an expert talent skillset,” said Raja Patel, senior vice president of products at Sophos. “Industry-first threat detection and response capabilities now enable Sophos to meet customers where they are and with exactly what they need to ensure superior security outcomes.
“This partnership is validation that Sophos security solutions and managed detection and response (MDR) services are industry best, and we’re pleased that our customers can now be rewarded for their commitments to optimizing defenses,” Patel added.
Sophos endpoint customers looking to secure insurance coverage can ‘opt-in’ to share their security posture from the Sophos Central platform with Measured. 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.
Data from the report, “The Critical Role of Frontline Cyber Defenses in Cyber Insurance Adoption,” comes from an independent global study of 3,000 cybersecurity/IT professionals across 14 countries conducted in January and February 2023.
More information is available at www.sophos.com.
