NEW YORK, Feb. 11, 2020 /PRNewswire-PRWeb/ -- Cysurance, LLC, a next-generation cyber insurance agency protecting small businesses and their partners through affordable cyber insurance, and Red Sky Alliance, a cyber threat intelligence firm delivering actionable data and analysis, today announced a new partnership to provide cyber risk management services to businesses.
In 2018, the cybercrime industry generated $1.5 trillion in profits, which would rank 13th in GDP if it were a country. With costs relating to cybercrime expected to jump from $3 trillion to over $5 trillion in the next five years, companies will increasingly depend on timely, insightful risk intelligence to protect against cyberattack. Yet even the most well-informed cybersecurity team with the most modern technology and best practices cannot prevent all cyberattacks, and employee error remains a leading cyber exposure. In the modern era, companies will succeed by educating staff on trending cybercrime tactics, techniques and procedures while also protecting their downside with a broad, affordable cyber insurance policy.
For small and medium businesses (SMBs) with smaller budgets and fewer resources, these challenges are magnified. And those relying on manual intelligence gathering and traditional property and casualty insurance policies face an even greater threat. By bundling Red Sky Alliance's daily cyber threat notification service RedXray® with Cysurance's cyber insurance policy, SMBs get a holistic cyber risk solution that both informs and protects.
RedXray® simplifies monitoring of cyber threats directed at a business's domain(s) that might affect its customers, staff or supply chain – all without installing software or requiring a network connection. While antivirus and firewall solutions can block most cyber threats, RedXray® uses a multidimensional approach that goes beyond the technical to include geographic, political, and economic factors and report on external threats facing the customer, including keyloggers. Every automated analysis mines Red Sky's proprietary collections, underground forums, and the dark web for emerging threats, then reports findings via daily emails or a customer access dashboard.
Cysurance, a licensed agent, is the only solution designed for SMBs allowing vendors to bind a broad policy of up to $2,000,000 on behalf of their customer at the point of sale, without application or underwriting – often for less than the price of a cup of a coffee a day. Leveraging the end-users existing data discovery capabilities or its proprietary monitor, the platform scans the SMBs network and automatically records any anomalous activity in its proprietary blockchain for irrevocable proof of loss and full transparency. This also triggers a smart contract that initiates a covered breach response team to begin remediation, saving time and money.
"By offering customers a competitive cyber insurance policy at the same time they purchase RedXray's® threat intelligence service, we can now offer value-added cyber services on both the front- and back-ends of the cyber risk spectrum, helping organizations identify and prepare for emerging risks while also protecting them in the unlikely event of a breach," said Jim McKee, Founder and CEO of Red Sky Alliance.
Kirsten Bay, co-founder and CEO of Cysurance, echoed these sentiments, saying "we're thrilled to partner with Red Sky Alliance to offer their customers a complementary cyber product that drives adoption of the cyber risk management trifecta of informed cybersecurity, cyber governance and cyber insurance and increases their overall cyber resiliency."
With RedXray® and Cysurance, companies can improve their intelligence gathering capabilities and reduce the likelihood of a cyberattack or data breach while also securing a broad cyber insurance product to satisfy customer insurance mandates and help them recover from previously unknown attack vectors or malware.
Insurance offered by Cysurance, LLC. NY License #1578397. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit http://www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Nothing in this communication should be construed as involving the sale, solicitation or negotiation of insurance, the provision or offer of insurance services, or the provision or offer of legal advice or services.
Red Sky Alliance is headquartered in New Boston, NH USA and is a global Cyber Threat Analysis and Intelligence Service organization. For more information about the company or services, please contact the office directly at 888-RED-XRAY or 888-733-9729 or email [email protected].
SOURCE Cysurance, LLC