More than 50% of small business cyber claims can be mitigated or prevented by an MDR solution says InsurSec provider

News Highlights

• At-Bay introduces enterprise-grade Managed Detection and Response (MDR) security solution to help small businesses address widening security gap.
• Small business cyber claims show more than 50% of cyber insurance claims over the past two years could have been mitigated or even stopped altogether by an MDR solution.
• Businesses in the healthcare, financial services, and the professional, scientific and technical services sectors are the most likely to benefit from an MDR solution according to At-Bay claims data, including the likes of hospitals, banks, law firms, insurers, engineers, and consultants.

SAN FRANCISCO — October 26, 2023 — At-Bay, the InsurSec provider for the digital age, announced the launch of At-Bay Stance™ Managed Detection and Response (At-Bay Stance MDR) today – a new MDR solution designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness in light of rising cyber crime rates. By analyzing its claims data from the past two years, At-Bay estimates that more than 50% of its customers’ cyber insurance claims could have been mitigated with an effective MDR solution¹. 

Managed Detection and Response (MDR) solutions have become a must-have for organizations of all sizes; however, getting affordable access to such solutions is difficult for small-to-medium sized businesses. By providing customers with an enterprise-grade software solution that can monitor their endpoints, which is then managed and monitored by At-Bay’s in-house security experts, the company is helping to address the critical technology, skills, and resource access gap preventing its customers, and most businesses in the US, from becoming more secure.

“We know this new security solution will have a meaningful impact on the businesses in our portfolio,” said Rotem Iram, CEO and Co-Founder of At-Bay and security veteran. “Security for small businesses is broken. A critical technology, skills, and resources gap exists that many companies can’t overcome. Our new MDR solution was built to change that. At-Bay Stance MDR will help to improve the cyber resilience and readiness of any business who uses it.”

Key Highlights of At-Bay’s MDR Offering

At-Bay’s MDR offering combines technology with human analysis to detect and respond to cyber threats before they escalate. Alongside the rest of At-Bay’s Stance portfolio, At-Bay’s newest security solution extends its capabilities to include managed endpoint protection. Key highlights include:

• Proactive Threat Detection: Combines advanced endpoint detection and response (EDR) technology with expert human analysis to proactively detect and respond to cyber threats before they escalate, all managed by At-Bay in-house. This proactive approach significantly reduces the risk of data breaches, financial losses, and reputational damage.
• Tailored Solution: Every organization is unique and At-Bay understands that. At-Bay’s MDR services are fully customizable to meet the specific needs and risk profiles of their clients. Whether you’re a growing business or a large enterprise, they have a solution for you.
• Cost Effective: Customers that subscribe to top performing MDR services like the one offered by At-Bay, could be eligible for a premium credit on cyber insurance premiums due to their enhanced security. This means that investing in cybersecurity is not only a smart choice but also a cost-effective one.

“We are uniquely positioned to understand and address the biggest security gaps within the small-to-mid market business community,” said Thom Dekens, Chief Business Officer and GM of At-Bay Security. “As a provider of both insurance and cybersecurity products, we have unprecedented insight into where security technologies and controls are excelling, and failing, and we are incentivized to help businesses fix these gaps quickly. That’s why we are launching an MDR solution today.”

At-Bay Stance Managed Detection and Response (MDR)3 will be available as an optional service starting in January 2024 from At-Bay’s security affiliate. 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. For more information about the new MDR offering, and to register your interest, please visit this page.

Footnotes

¹Based on At-Bay analysis of At-Bay claims from Q4 2021 through to Q3 2023 that could potentially have been mitigated by a Managed Detection and Response product.

²Any premium savings will be based on the specific risk profile of the business.

³Stance MDR is an optional service offered by At-Bay’s security affiliate. Stance MDR is not a requirement for insurance coverage through At-Bay.