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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.

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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.”

Cyber Protection

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. 

Tip of the day: Do you often experience PC freezes or crashs with Blue Screens of Death (BSOD)? Then you should use Windows Memory Diagnostic to test your computers RAM for any problems that might be caused from damaged memory modules. This is a tool built into Windows 10 which can be launched at startup to run various memory checks.

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