In a collaborative effort to strengthen digital defenses and improve cyber insurance accessibility, CrowdStrike has unveiled its new Falcon for Insurability program. This initiative is designed to help organizations qualify for cyber insurance with top-tier protection at preferred rates. The program allows insurers like Ascot Group, AXA XL, Beazley Insurance, Berkley Cyber Risk Solutions, Coalition, and Resilience to reduce underwriting risk by ensuring insured organizations have reliable cyber protection from the AI-native CrowdStrike Falcon® cybersecurity platform.
The program addresses the persistent and sophisticated nature of cyberattacks, which continue to create underwriting challenges. Many organizations face tough decisions between paying higher premiums, receiving reduced coverage, or rationalizing their cybersecurity spending. By requiring companies to have advanced cyber defenses to qualify for policies, carriers often exclude many from obtaining coverage. Falcon for Insurability provides a solution by offering the world’s most advanced AI-powered protection at preferred rates.
Detect Threats
Organizations using the Falcon platform can detect 96% more threats in half the time compared to other vendors and conduct investigations 66% faster, significantly enhancing their ability to stop breaches. This improved cyber resilience reduces cyber risk for companies and underwriting risk for carriers, enabling more businesses to obtain coverage while strengthening their cyber defenses.
Daniel Bernard, CrowdStrike’s Chief Business Officer, emphasized the importance of its AI-native cybersecurity platform to organizational security and insurability. “Falcon for Insurability empowers boards of directors and cyber leaders to take a more active role in overseeing and comprehensively addressing a risk-to-resilience journey,” Bernard stated.
A litany of industry leaders voiced their support in the CrowdStrike press release:
Anthony Dagostino, Global Chief Cyber Underwriting Officer at AXA: “In today’s threat landscape, Falcon for Insurability is a mutually beneficial solution for organizations everywhere. Access to cybersecurity resources and tools like this boosts our clients’ cyber confidence and our own in extending cyber insurance coverage. This program reduces the chance that companies will experience an impactful breach that could threaten their reputation and profitability.”
Paul Bantick, Global Head of Cyber Risks at Beazley Insurance: “Beazley’s Full Spectrum Cyber offering ensures our clients can pre-empt, respond and adapt to emerging cyber threats every day. Deploying CrowdStrike Falcon alongside our solution will deliver powerful new resources to the ongoing battle against cyber criminals and further strengthen our clients’ cyber resilience.”
Steve Krusko, Chief Underwriting Officer at Berkley Cyber Risk Solutions: “We are excited to continue our partnership with CrowdStrike to offer our policyholders access to its expanded portfolio of security solutions. Policyholders now have a variety of options, ranging from very affordable endpoint protection for small businesses to a customizable and solution-specific product for larger organizations. All Berkley Cyber Risk Solutions’ policyholders can access tools to mitigate today’s most relevant threats to their IT systems.”
John Roberts, General Manager of Security at Coalition: “Every day, businesses are bombarded with new and fast-evolving digital risks. Solutions like CrowdStrike’s Falcon platform give Coalition’s policyholders the ability to actively reduce their cyber risks, help prevent impactful breaches, and improve overall cyber insurance outcomes.”
Timothy Riley, SVP of Products at Resilience: “We are excited to build upon our long-standing partnership with CrowdStrike through the Falcon for Insurability program. The combination of CrowdStrike’s leading protection with Resilience’s unique approach to quantifying and managing cyber risk holistically helps us better understand an organization’s security posture and protect our joint clients.”
The partnership trend between cybersecurity and insurance continues, driven by insurers’ need for good risk management. Helping companies build resilient digital practices is essential for reducing underwriting risk and ensuring that more businesses can access comprehensive cyber insurance coverage.
Source: CrowdStrike Falcon for Insurability Fast Tracks Companies for Cyber Insurance Eligibility.
Other News: AWS Cyber Insurance Program Demonstrates Growing Fusion of Security Tech & Insurance (Opens in a new browser tab).