At-Bay, the insurance provider for the digital age, today announced the launch of At-Bay Stance — the world’s first InsurSec solution designed to help small-to-mid-sized businesses (SMBs) close their persistent security technology and skills access gap, all through their cyber insurance policy. With 98%1 of cyber insurance claims in the past five years coming from SMBs with revenue under $2B, according to a recent report from NetDiligence, providing an integrated solution to help businesses manage cyber risk is now more critical than ever. At-Bay Stance brings together best-in-class technology solutions and on-demand SecOps experts to help improve the security posture of every policyholder, regardless of their industry, budget, or technical expertise.
"SMB security is broken," said Rotem Iram, CEO and Co-Founder of At-Bay. "A fragile technology stack and complex security tools require budgets and expertise that small businesses simply cannot afford. By combining insurance with security into InsurSec, At-Bay brings the incentives, scale, and expertise needed to bridge the SMB cyber security gap.”
At-Bay has already reduced the number of ransomware attacks against its 30,000 policyholders by as much as 80% compared to the industry average2 by using proprietary security scans and active risk monitoring. However, simply scanning a company's external attack surface is no longer enough to tackle today's complex threat landscape. At-Bay Stance is the only managed risk solution that combines insurance and security to close the SMB security gap by centralizing and prioritizing risks for SMBs, and providing expert support to mitigate threats.
InsurSec market to reach $80B by 2028
InsurSec is a force multiplier: an end-to-end approach to protecting small businesses from cyber threats by bringing insurance and security together.
With demand for both insurance coverage and security products increasing among SMBs, the InsurSec market is expected to experience rapid growth in the next five years, reaching $80B in 2028, at an average annual compound growth rate of 22%.3
Effective InsurSec solutions successfully integrate:
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Prevention: Critical resources to help strengthen the security of every company environment, identifying gaps in security and risk mitigation capabilities, prioritizing issues based on real-world knowledge of actual threats, and supporting remediation by providing access to expertise.
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Detection: Capabilities to monitor, detect, and respond to threats; tailored to the company’s risk profile and technical environment.
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Response & Recovery: Access to response and recovery experts to help get businesses back on their feet in the event of an incident.
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Risk Intelligence Engine: Prevention, Detection, and Response & Recovery capabilities must be underpinned by a closed-loop data intelligence system that learns and improves loss outcomes across security, fraud, financial, and risk factors. Optimized for time and better risk mitigation decisions for every business, the solution should aggregate data across claims and risks to quickly identify emerging threats.
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Single Provider: The solution needs to be delivered by an insurance company that can provide the critical protection from financial and reputational loss that all SMBs face today.
"The world's largest companies dedicate countless hours and resources to building their security stacks and managing their risk across dozens of disparate tools and point solutions. On a limited budget, figuring out where to even start is a huge undertaking for SMBs, which prevents many of them from addressing security risk quickly," said Thom Dekens, Chief Business Officer and GM of At-Bay Security. "Helping SMBs improve their security posture is something that an insurance provider can do better and more effectively than a security vendor. That’s why InsurSec makes sense.”
The world's first InsurSec solution, At-Bay Stance
At-Bay Stance is a managed risk solution that reduces cyber risk by both centralizing and prioritizing risks for businesses and providing support to mitigate them, all through a single cyber insurance policy.
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At-Bay Stance Exposure Manager.4 A purpose-built software platform that centralizes threat and vulnerability data by integrating existing security controls with At-Bay’s external scans. Similar platforms can cost businesses over $5,000 / year.5
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At-Bay Stance Managed Security.5 In-house experts who provide intelligence-powered recommendations to businesses on what to do to stop attacks before they happen. This team offers “on-demand” services to help businesses with remediation, in addition to proactively sharing security recommendations and insights. This is the force multiplier that helps businesses build the right posture.
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At-Bay Response & Recovery.6 In-house incident response who can be immediately deployed to understand the root cause of the incident, evaluate the impact, and develop the appropriate plan to get customers back on their feet in the event of a covered incident.
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At-Bay Security Partner Network. Discounts on the top-performing third-party security products and solutions with a strong track record of improving security, according to our claims research.
At-Bay Stance will be available to At-Bay customers purchasing a new Cyber or Tech E&O excess or surplus policy starting May 1, or renewing policies as of August 1. Businesses not currently insured by At-Bay who are interested in getting a quote that includes At-Bay Stance can do so by contacting their broker for more information.
About At-Bay
At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance expertise, At-Bay was designed from the ground up to empower businesses to thrive in the digital world. At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital.