Cyber insurance company Measured Insurance has announced the launch of a new product, CyberGuard, backed by syndicates at Lloyd’s of London. The CyberGuard policy is now available to small and medium-sized businesses in the US.
Companies insured with CyberGuard will have access to Measured’s full range of breach-management services, including a team of cybersecurity and legal experts, threat monitoring and pre-breach remediation services.
Since the advent of the COVID-19 pandemic, ransomware attacks have increased in frequency, severity and cost. Cloud-based attacks have spiked 630% since March of 2020, with the average cost of a breach exceeding $3.86 million last year.
“The cyber threat landscape is rapidly changing every day,” said Jack Vines, CEO of Measured Insurance. “With companies facing more dynamic and complex threats, it is more essential than ever to have the right partners working alongside you. Measured is the next generation of cyber insurance coverage, designed and built to specifically address the threats that companies face.”
Measured said that securing underwriting capacity from a panel of Lloyd’s syndicates represents a “watershed moment” for the company. It said the new capacity will enable it to accelerate its deployment of technology and modeling to help companies evaluate their exposure and assist brokers in pricing cyber risk.
“Ransomware has fundamentally changed the insurance landscape,” said Chris Cotterell, divisional chair for cyber at Howden Insurance Brokers Limited. “With risks and rates rising every week, insurers need new and more accurate ways of quantifying and pricing risk, Measured is bringing some much-needed new thinking to the industry.”
Measured’s CyberGuard product combines API integrations, proprietary data, and real-time assessment of each client’s actual risk to provide clients with tailored, actionable information to reduce exposure and reward strong cyber hygiene with competitive rates, the company said.
“Today’s dynamic cyber threats require a dynamic response,” said Iain Ainsley, senior underwriter for cyber at Hamilton Insurance Group. “Staying out in front of the risk requires partners like Measured who can help insureds adapt in real time.”