Cysurance, a US-based risk mitigation company that specialises in certifying, warranting, and insuring cybersecurity solutions for enterprise clients, has introduced its financial cyber protection program for global security software company Sophos’s customers in Australia.
This launch extends the program’s previous success in the US and aligns with Cysurance’s goal to offer enhanced ransomware protection and cyber insurance globally.
The program provides comprehensive and cost-effective warranty and cyber insurance policies for Australian businesses using Sophos Managed Detection and Response (MDR) and Sophos Endpoint solutions. These policies are designed to safeguard companies against financial losses from various cyber threats.
“The insurance covers first-party incident response, business interruption, digital data recovery, cyber extortion, and third-party liability costs due to threats like ransomware and social engineering. These programs are backed by carriers in the Lloyd’s syndicate, ensuring reliable coverage for ransomware attacks and incident response costs up to the policy’s total limit,” said Cysurance CEO Kirsten Bay.
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Sophos MDR clients can bypass traditional application and underwriting processes, with most customers qualifying instantly for discounted cyber insurance policies.
In the event of a cyber incident, Cysurance’s extended ransomware protection is activated first, followed by the cyber insurance covering additional remediation expenses and other security or business continuity costs up to the policy’s limit.
Benefits for Sophos customers in Australia include a simplified application process, automatic qualification for those using Sophos MDR, and reduced insurance costs, allowing businesses to reallocate resources to improve their cybersecurity measures.
Local brokerage support in Australia is provided by Howden Broking Group and LTD Insurance Brokers, offering assistance and guidance to customers throughout the process.
Sophos Australia managing director John Donovan said MDR has become essential for Australian organisations to ensure they have robust defences in place amid the growing complexity of cyber threats.
A recent study, for example, found that 24% of Australian organisations experienced deepfake-related issues in the last 12 months. Another report, released by an active insurance provider this year, noted that 56% of cyber claims in 2023 resulted from funds transfer fraud (FTF) or BEC.
“As the threat landscape continues to increase in complexity, most organisations can’t manage cybersecurity on their own and neither should they have to. This is why MDR has become an essential requirement for organisations to ensure they have the best defences to protect themselves,” Donovan said. “Cysurance recognises this and the value that Sophos’s 24/7 threat detection and response experts provide to mitigate cyber risk. Cysurance’s discounted insurance offering for Sophos customers is a testament to Sophos’s MDR capabilities and the effective security services we provide.”
