Cybersecurity firm Cyber Protect has announced that it has partnered with DataStream Cyber Insurance. The partnership aims to bring Cyber Protect customers a level of expertise now needed in the evolving cyber insurance market.
DataStream Cyber Insurance is an insurance broker that specializes in cyber liability insurance. It partners with managed services providers (MSPs) and other IT professionals to provide their customers help with the insurance side of cybersecurity, Cyber Protect said. In addition to offering cyber coverage, DataStream offers support to customers post-incident and works with them pre-incident to make them more resilient.
“It’s a perfect match,” said DataStream CEO Andy Anderson. “It’s also the first time this model has been set up in mass – primarily because you need a license to discuss insurance. However, we figured out a model to divide the roles and coordinate with IT experts to provide a much stronger overall experience.”
68% percent of small businesses had a cyber attack last year, with 47% having a ransomware attachment, according to Cyber Protect. The average cost to remediate a successful attack was more than $505,000. Among small businesses that suffered a successful attack, 37% saw a financial loss, 24% filed for bankruptcy and 9.7% went out of business.