At-Bay Launches New Cyber Insurance Coverage for Ransomware and Financial Fraud

by

Estimated reading time: 2 minutes

Ransomware and financial fraud attacks are increasingly targeting businesses with higher frequency and greater cost. Mid-market companies now face average ransomware losses of nearly $470,000 and financial fraud claims of about $270,000. Many standard policies fall short of covering these risks. At-Bay has launched new InsurSec solutions designed to close that gap. The industry-first packages expand cyber insurance coverage with zero retention on ransomware and financial fraud incidents, automatic flat renewals, and enhanced fraud protection.

Rising Cyber Threats Strain Businesses

Ransomware has surged for the third consecutive year among mid-market firms. Losses average close to half a million dollars per attack. Financial fraud incidents are even more common. Losses now exceed the typical limits included in most cyber insurance policies. Businesses are often left with significant uncovered costs.

At-Bay company logo with lowercase black text "at bay" and a blue underline beneath "at" representing InsurSec solutions offering cyber insurance coverage with protection against ransomware and financial fraud.

“By harnessing security to improve a company’s risk profile, we unlock drastically better outcomes and economics for our customers. Ransomware and financial fraud remain major threats, yet our Managed Detection and Response team remediates incidents in an average of just 15 minutes,” said Ken Riegler, President of At-Bay Insurance.

Industry-First Cyber Insurance Coverage Enhancements

At-Bay’s new InsurSec packages combine enterprise-grade managed security with tailored insurance. Coverage is available for businesses with revenue up to $5 billion.

Key enhancements include:
  • Flat Renewals: Premiums remain stable, even after a claim.
  • Zero Retention: No out-of-pocket costs for ransomware or financial fraud events.
  • Immediate Activation: Reduced waiting periods for ransomware coverage.
  • Fraud Protection: Up to $1 million in financial fraud coverage.
24/7 Security and Rapid Threat Response

At-Bay’s Managed Detection and Response team monitors endpoints, cloud platforms, identity systems, and email. The team remediates threats in an average of 15 minutes. The active security layer enables expanded insurance coverage by preventing attacks from escalating into costly losses.

See also  Expect More Disclosures from Public Companies Concerning Their Cyber Insurance 

Martin Hinton

Martin Hinton is the Executive Editor and Publisher of Cyber Insurance News and Information. With over three decades of journalism experience across six continents, his work encompasses investigative reporting, documentaries, and coverage of cultural, political, and business news. To learn more about his career, click on his name to visit his LinkedIn page.

×