Microsoft and insurance firm At-Bay have formed a new partnership to deliver data-driven cyber insurance, with a focus on identifying new ways to improve customers’ digital risk exposure and proactively addressing their vulnerabilities.
As of 1 October, US businesses that use Microsoft 365 are also eligible for savings on their At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multifactor authentication and Microsoft Defender for Office 365.
“Microsoft’s partnership with At-Bay brings important clarity and decision-making support to the market as organisations everywhere seek a comprehensive way to empower hybrid workforces with stronger, centralised visibility and control over cloud applications boosting security and productivity,” said Ann Johnson, Microsoft’s security, compliance and identity lead.
At-Bay assesses the cyber risk of its customers and provides actionable insights on how they can improve their security posture. According to At-Bay, their insured customers are seven times less likely to experience a ransomware incident than the industry average.
“An 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 of 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. 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.”