Commenting on his company's partnership with Sophos, Measured CEO Jack Vines said:
"The connection between robust cyber defenses and optimized cyber insurance makes this partnership a natural extension of our innovative, analytic approach to cyber underwriting. We are trailblazing a frictionless path to cyber insurability through data-driven, quantifiable underwriting. We're rewarding organizations that use Sophos with better coverage and lower rates because of their stronger cyber hygiene and lower risk profile."
How the Partnership Works
Sophos endpoint customers can "opt-in" to share their security posture from the Sophos Central platform with Measured, the companies indicated. Measured utilizes real-time assessments to determine policy eligibility and premium discounts based on the Sophos offerings that customers are using and protection status and security hygiene of their protected assets. Their compliance with Sophos-recommended security policies is also factored in.
Previously, Sophos in March 2023 announced a cyber insurance partnership with Cowbell. With the partnership, Sophos provides its customers with access to Cowbell insurance through the Sophos Marketplace. Businesses can access Sophos' managed detection and response (MDR) offering through the Cowbell Marketplace.
Sophos Explores the Relationship Between Cybersecurity, Cyber Insurance and Ransomware
Many security and insurance providers view ransomware as one of the biggest threats to today's organizations, according to a new report from Sophos. They also are focused on finding ways to reduce the business impact of ransomware.
To examine the three-way relationship between cybersecurity, cyber insurance and ransomware, Sophos conducted research into cyber insurance adoption, the role of cyber defenses in securing a policy and how insurance coverage impacts response to ransomware incidents.
In a survey of 3,000 cybersecurity and IT professionals conducted in January and February 2023, Sophos found that:
- 91% of organizations have some form of cyber insurance coverage.
- There is a direct correlation between cyber insurance adoption and revenue, with the highest-revenue organizations being the most likely to have cyber coverage.
- 95% of organizations with cyber coverage say that the quality of their cyber defenses directly impacted their ability to get a policy, the cost of their coverage and their policy's terms.
- Organizations with cyber insurance are better equipped than others to recover data after a ransomware incident.
- Organizations with standalone cyber insurance policies that had data encrypted in a ransomware attack are nearly four times more likely to pay a ransom to recover their data than those without cyber coverage.
Sophos' research highlights the importance of establishing quality cyber defenses to purchase cyber insurance, the company noted. Meanwhile, MSSPs can provide MDR, email, cloud security and other security services to help organizations optimize their security posture and cyber coverages.