High Wire Networks, Inc., a leading global provider of managed cybersecurity and technology enablement, has launched its new Overwatch Cyber W******* Program. The new offering can provide a financial safety net for managed service providers (MSPs) and their business clients in the event of a cybersecurity breach.
The program addresses the increasing rise in cybercrime, with malware and ransomware attacks causing breaches that can result in costly remediation and lost sales, as well as fines and penalties.
According to IBM’s latest Cost of a Data Breach Report, a data breach can now cost a business $9.4 million on average, with 60% leading to the cost being passed onto customers through increased prices that diminishes business competitiveness.
Last year there were more than 4,100 publicly disclosed data breaches that exposed over 22 billion customer records. That is likely just the tip of the iceberg, given that an estimated 98% of employees fail to report cyber hacks.
Despite the substantial risk, only 40% of US businesses today carry cyber risk insurance, according to a survey conducted by the research firm, Ovum. Even among those that have such insurance, only 16% have insurance that covers all risks.
CIO INFLUENCE: SEEQC Unveils Italy’s First Quantum Computing System
“Given the costs of the average data breach running into the millions and so few businesses addressing the risk with cyber insurance, our MSP channel partners are understandably concerned about a costly incident occurring under their watch,” noted High Wire Networks COO, Stephen LaMarche. “Combining our Overwatch Managed Cybersecurity monitoring, detection and response with our cyber w******* protection plan can provide peace of mind for MSPs and their business customers, plus a meaningful competitive edge all around.”
Overwatch Cyber W******* provides expedited reimbursement for costs associated with remediating damaging cyberattacks. Moreover, it overcomes the two primary reasons companies gave Ovum for not having insurance: cost and lack of clarity about insurance pricing. The c******** w******* also provides the underwriting requirements typically needed to qualify for a cybersecurity insurance policy.
High Wire can provide protection at a lower cost and with greater transparency compared to alternatives given the combination with its award-w****** Overwatch cybersecurity services that can eliminate or dramatically diminish the impact of a successful cyber-attack.
As an example, a business could obtain a $500,000 Overwatch Cyber W******* plan that covers:
- $100,000 for ransomware and business email compromise protection.
- $100,000 for compliance and regulatory failure protection.
- $50,000 for business i***** loss protection.
- $250,000 for cyber legal liability protection (after other guarantees are exhausted).
CIO INFLUENCE: HP Chooses RISE with SAP to Help Drive Digital Transformation, Optimization and Efficiency
High Wire also makes it easy to enroll and collect on claims, with no application, underwriting or waiting for payments. MSPs can enroll clients quickly by simply confirming they are in good standing and subscribe to a prerequisite Overwatch cybersecurity services stack that would include antivirus, encryption, multifactor authentication, maintenance (patches and updates), security awareness training, bank routing change verification and regulatory compliance.
Overwatch Cyber W******* is not cyber insurance, but it can be paired with more affordable cyber insurance policies for added protection. Overwatch Cyber W******* clients may qualify for highly discounted or below-market cyber insurance policies of $1 million or more because as users of Overwatch cyber security services they are following best practices for cybersecurity.
The Overwatch Cyber W******* Program enables MSPs to realize multiple important benefits:
- Increased monthly recurring revenue (MRR) from full-stack sales.
- Decreased risk of cyberattacks.
- Improved return on investment.
- Reduced breach liability.
- Greater differentiation from competitors.
- Lower customer churn.
The program is already being widely welcomed by High Wire’s channel partners. Patrick Fischer, founder and CEO of The Vericom Group, commented: “Adding the High Wire’s Cyber W******* Program to our Overwatch Managed Cybersecurity services stack vastly increases the value we deliver to our business customers. We can now deliver industry-leading cyber protection that is backed by financial protection. Being better able to stand behind our managed cybersecurity services boosts our confidence, creates greater customer trust, and gives us a competitive edge in the marketplace.”
CIO INFLUENCE: Organizations are Advancing their Digital Strategies with AI
[To share your insights with us, please write to sghosh@martechseries.com]
