Guardz, an AI-powered cybersecurity company, has launched a new cyber insurance service specifically for small and medium-sized businesses (SMBs). This service combines active cyber protection with insurance and is available across the United States through Guardz’s network of Managed Service Providers (MSPs).
Small businesses often face significant challenges in adapting to the increasing cyber-attack threat and securing cyber insurance. Despite recognizing the importance of cybersecurity, many SMBs struggle with limited resources and expertise, making it difficult to implement robust protective measures. This lack of adequate cybersecurity infrastructure often results in businesses being deemed high-risk by insurance carriers, leading to prohibitively expensive premiums or outright ineligibility for coverage. The complex and time-consuming process of obtaining cyber insurance and intricate eligibility requirements further exacerbates the issue, leaving many small businesses vulnerable in an evolving threat landscape.
The new offering addresses a significant need in the market. While 89% of SMBs recognize the necessity of cyber insurance, only 26% have secured it. Challenges such as complex eligibility requirements, high costs, and lengthy application processes have made it difficult for many SMBs to obtain insurance. Guardz’s solution simplifies this process by automatically assessing and monitoring a business’s cyber posture, eliminating the need for detailed questionnaires.
The Guardz cyber insurance policy, now available in most US states, offers coverage limits of up to $3 million. It includes protection for media content liability, hardware replacement, and ransom payments. The AI-powered service integrates detection, response, and insurance, providing comprehensive coverage and active protection.
“Crucial to the US economy”
Dor Eisner, CEO and Co-Founder of Guardz, emphasized the importance of this development: “Small and medium-sized businesses are crucial to the US economy, yet they often lack the cyber protection and insurance needed to operate securely. Our solution addresses this gap by offering comprehensive protection through our network of MSPs.”
Guardz’s approach also helps previously uninsurable businesses become eligible for insurance by connecting them with MSP partners who provide expert support. This strategy ensures tailored solutions and enhances cyber resilience for SMBs.
With this launch, Guardz aims to provide SMBs with the necessary tools to navigate the cybersecurity landscape effectively, offering a straightforward and accessible path to obtaining both protection and insurance.
Source: Guardz Launches Pioneering Cyber Insurance with Active Protection Exclusively for SMBs.
Other News: Streamlined Cyber Insurance for Small Businesses: Acronis Partners with Mulberri(Opens in a new browser tab)