The new coverage – the final offering in the company’s cyber insurance suite – signals a new way forward for the industry as it continues to wrestle with high premiums and ineffective coverage
CloudCover, the company responsible for the new market category of end-to-end cybersecurity network technology and insurance, today announces the launch of its Cybersecurity Network Data Insurance (CNDI). The very first cyber insurance offering of its kind, CNDI gives organizations the ability to insure their data in motion – the digital information that’s transferred from locations within or between computer systems.
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CloudCover’s CNDI completes the rollout of its CyberSafety Insurance Coverage portfolio, with three large-scale offerings recently announced over the last six months. The first, a $1 Million Ransomware W*******, was introduced in September 2021, with the company’s Cyber Liability and Information Systems Business Interruption insurance product having followed in December 2021.
The foundation of the CNDI coverage is CloudCover’s CyberSafety CC/B1 Platform™. The technology is Intelligent Threat Management™, focusing on risk awareness, risk control, and risk transfer. The CC/B1 provides an organization complete visibility into their network security systems, using machine learning to inspect, analyze, and understand the IT events happening within a company’s network and stopping those threats in real time. As it understands and learns a network’s data patterns, the CC/B1 uses that data to underwrite and set accurate premiums – creating a continuous cycle of risk learning, stopping, and scoring. The risk to a company’s data and network is measured and insured via deep packet inspection – as the more incremental you can get with data, the more efficient you can be in protecting it.
CloudCover’s CNDI enables organizations to insure data in motion with both first- and third-party liability coverage. It makes it possible for companies to place a value on their intangible assets – i.e., their data – just as they would other company assets, something that’s long been seen as impossible in the FASB/GAAP industry. The coverage comes at an unrivaled time in the history of cyber attacks. According to PurpleSec, cybercrime is up 600% due to the COVID-19 pandemic, with many of the largest large-scale cyber attacks – CNA Financial, Colonial Pipeline, Kaseya, and more – occurring in 2021, and the recently discovered Log4Shell vulnerability paving the way for another record-breaking year for cybercrime in 2022.
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“Data in motion is the most valuable data for companies. It’s also the data that carries the most risk for network security,” says Stephen Cardot, founder and CEO of CloudCover. “Cyber insurance should be proactive risk management, not proactive disaster recovery, and our Cybersecurity Network Data Insurance utilizes the data derived from the CC/B1 about a company’s cyber risk to set the insurance premium a company really needs, at an affordable price point. Our CNDI coverage, along with our other cyber insurance offerings, is over two decades in the making – a product of us daring to think differently than other cybersecurity solution providers.”
Similar to the other insurance products in the CloudCover portfolio, CNDI coverage is currently available to organizations that use the company’s CyberSafety CC/B1 Platform, or to fronting carriers that wish to partner to offer the cyber insurance to existing clients. Interested fronting carriers are directed to reach out to the CloudCover sales team at sales@cloudcover.net to learn more.
Companies who aren’t currently using the CC/B1 are encouraged to fill out CloudCover’s CyberSafety Registry. This registry is the first step of the insurance application process and will help to assess an organization’s current cyber risk.
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