InsurSec provider At-Bay has introduced two email security solutions aimed at reducing financial fraud claims. The new offerings, At-Bay Stance Fraud Defense and At-Bay Stance MDR for Email are designed to prevent email-based fraud, which is responsible for 90% of financial fraud incidents, according to At-Bay data.
Financial Fraud on the Rise
The Federal Trade Commission (FTC) reported $2.7 billion in financial fraud losses in 2023. Many of these cyber threat incidents began with email-based attacks. Traditional email security solutions often fail to detect these sophisticated fraud attempts, leaving businesses vulnerable.
At-Bay Stance Fraud Defense
At-Bay email security includes its proprietary AI-powered tool, Stance Fraud Defense, with all Cyber and Tech Errors & Omissions (E&O) policies at no extra cost. The tool detects and prevents fraudulent email activity. Businesses using this solution can increase financial fraud coverage sub-limits up to $500,000, double the industry standard.
At-Bay Stance MDR for Email
At-Bay Stance MDR for Email offers advanced protection against email-based cyber threats. This managed detection and response (MDR) solution combines AI-driven email security with 24/7 monitoring and response by At-Bay’s security team. Businesses adopting this solution can increase financial fraud sub-limits to $1 million, four times the typical industry offering.
Industry Impact
Ken Riegler, President of At-Bay Insurance, emphasized the importance of these solutions. “Financial fraud remains a major threat, especially for small and mid-market businesses. Our new solutions provide better protection and higher coverage limits.”
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