Cysurance has launched its financial cyber protection program in Australia, providing enhanced ransomware protection and cyber insurance policies for Sophos customers. This expansion follows the program’s implementation in the United States.
Cysurance specializes in certifying, warranting, and insuring cybersecurity solutions for enterprise end-users. The company aims to reduce the frequency, severity, and business impact of cyber incidents through its insurance policies.
In recent years, Australia has experienced a significant increase in cybercrime, particularly ransomware attacks. These attacks have become more sophisticated and widespread, targeting a variety of sectors, including critical infrastructure. According to the Australian Cyber Security Centre (ACSC), ransomware remains one of the most destructive forms of cybercrime, with incidents often involving data theft and extortion.
The ACSC’s latest report highlights that cybercriminals continuously evolve their tactics to maximize their financial gains. In the 2022-2023 financial year, the ACSC responded to over 1,100 cybersecurity incidents, with ransomware accounting for a significant portion of these cases. Cyber extortion and the disruption of business operations due to ransomware attacks have had substantial financial impacts on Australian organizations.
Key findings from the report include:
- The Australian Cyber Security Hotline received over 33,000 calls, marking a 32% increase from 2021-22.
- Over the financial year, the Australian Cyber Security Centre recorded more than 94,000 reports of cybercrime, a 23% rise from 2021-22.
- ASD responded to over 1,100 cyber security incidents, with more than 10% involving ransomware attacks—malicious software that locks users out of networks until a ransom is paid.
- The average cost of cybercrime per report increased by 14% from 2021-22, amounting to $71,600 for large businesses, $97,200 for mid-size businesses, and $46,000 for small businesses.
Sophos Managed Detection and Response
Australian businesses using Sophos Managed Detection and Response (MDR) and Sophos Endpoint solutions can now access Cysurance’s warranty and cyber insurance policies. These policies cover financial losses from various cyber incidents, helping businesses maintain operations.
“The insurance covers first-party incident response, business interruption, digital data recovery, cyber extortion, and third-party liability costs due to threats like ransomware and social engineering,” said Kirsten Bay, CEO of Cysurance. The policies are backed by carriers in the ‘Lloyds Syndicate,’ providing coverage for ransomware attacks and incident response costs up to the policy limit.
Sophos MDR customers in Australia benefit from a streamlined application process and automatic qualification for discounted cyber insurance policies. In the event of an incident, Cysurance’s ransomware protection responds first, with the cyber insurance covering additional remediation expenses and other security or business continuity events up to the policy limits.
This program offers reduced insurance costs and the ability to allocate more resources towards improving security. The extended protection for ransomware incidents provides immediate financial resources to address such situations, helping organizations manage risks in today’s cyber threat landscape.
Local brokerage support is provided through the Howden Broking Group, LTD Insurance Brokers, ensuring customers receive assistance and guidance.
John Donovan, managing director of Sophos Australia, emphasized the importance of MDR in managing cybersecurity. “Most organizations can’t manage cybersecurity on their own, and neither should they have to. This is why MDR is essential for ensuring the best defenses against cyber threats,” he said. “Cysurance’s discounted insurance offering for Sophos customers is a testament to Sophos’ MDR capabilities and the effective security services we provide.”
Source: Cysurance & Sophos expand cyber protection program to Australia.
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