Microsoft is making forays into the insurance industry by tying up a partnership with cyber insurance specialist At-Bay. In an announcement, the company says it wants to help the insurance market develop insurance products that are more “data-driven” and underpinned by Microsoft security technology.
While the lines between insurance and tech will become increasingly blurred in some sectors (notably automotive), there remains a clear need for insurance in a world of cybercrime. Businesses are not able to cover the costs of breaches, and software vendors cannot pick up the tab should their system become the target of a successful exploit.
At-Bay says its insurance products not only protect customers, but also ward off attacks. The company claims its insureds are seven times less likely to be hit by a ransomware attack compared to average. According to the company, this is partly because it provides advice to companies on how to best protect themselves.
Microsoft’s partnership with At-Bay comes into action from October 1. Starting tomorrow, companies in the United States using Microsoft 365 will get “savings on their At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multi-factor authentication and Microsoft Defender for Office 365.”
Ann Johnson, Microsoft’s corporate vice president of security, compliance & identity business development, says the company wants insurance to be a vital component in the risk management of companies combatting cyberattacks.
“Microsoft’s partnership with At-Bay brings important clarity and decision-making support to the market as organizations everywhere seek a comprehensive way to empower hybrid workforces with stronger, centralized visibility and control over cloud applications boosting security and productivity,” Johnson said.
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