CloudCover® Continues to Move Into a New Era of CyberSafety with the Launch of CloudCover's Cyber Liability and Information Systems Business Interruption Insurance Offering

The cybersecurity insurance market is in trouble, fueled by a rapid increase in cyber attacks — up 486% from the beginning of 2018 through the end of 2021, according to Aon. As a result, insurers have little choice but to raise rates and scrutinize policy terms and conditions, as there’s no historical data to set policies and premiums like traditional insurance products.

CloudCover®, the company Reimagining CyberSecurity, is making strides to improve cyber safety by building an end-to-end cyber security technology and insurance platform. Today, the company announces the continued rollout of its suite of CloudCover insurance products with the launch of a new insurance offering: CloudCover Cyber Liability (CCCL) and Information Systems Business Interruption (ISBI) insurance. The release of the cybersecurity insurance coverage brings forward a new category of coverage: cybersecurity network and data insurance cover that utilizes the CC/B1 Platform™ — to obtain the data analytic set required to efficiently underwrite and set accurate premiums. CloudCover’s $1 Million Ransomware Warranty was launched in September 2021.

Through its CCCL insurance, CloudCover will issue a $1 million cover per occurrence and a $10 million aggregate policy. This insurance option covers:

• First-party response costs, including any costs associated with the investigation and remediation of cybersecurity breaches, as well as payment for costs associated with notifying affected parties of the breach,
• Third-party liability and regulatory costs, including any costs associated with the defense of lawsuits, regulatory fines, and penalties in addition to the costs associated with any judgements rendered from those activities, and
• Cover for any ransom demanded by cyber criminals who have locked the insured company’s network or computer systems.

Similar to the CCCL coverage, CloudCover will also issue $1 million coverage per occurrence and a $10 million aggregate policy for its ISBI coverage. The insurance policy provides payment for lost revenue in the event that a Distributed Denial of Service (DDoS) attack disrupts or compromises the insured party’s network.

Both insurance covers are powered by CloudCover’s CC/B1 Platform, an Intelligent Threat Management™ security solution. The CC/B1 combines extended network detection and response (X-NDR) with security orchestration, automation and response (SOAR) technology that supports risk awareness, risk control, and risk transfer. The platform operates as a Firewall Everywhere™, collecting data from all corners of an organization’s network and using automated detection to identify and block suspicious activity — all while using the collected network patterns for statistical risk scoring and actuarial modeling for incremental cybersecurity network insurance.

“This marriage of cybersecurity technology and cyber insurance represents the creation of a new market,” says Stephen Cardot, founder and CEO of CloudCover. “No other security vendor is able to provide cybersecurity risk scoring, risk event mitigation and mediation, accurate identification and threat stopping, and cyber risk insurance underwriting and auto-adjudication for claims in one platform. Using cybersecurity technology to learn about a company’s network and utilizing that data to create more accurate premiums and better coverage gives our industry the opportunity to better control cybersecurity insurance losses in the future, as we’ll be able to detect threats and issue micro-policies in a fraction of a second.”

In the months ahead, CloudCover plans to debut the final product in their initial CyberSafety Insurance Coverage portfolio: Cybersecurity Network Data Insurance, designed to insure data in motion with both first- and third-party liability coverage. This insurance, which will launch in March 2022, makes it possible for organizations to insure and thereby value their intangible assets, i.e., data, just as they would other company assets — something that’s been long seen as impossible in the FASB/GAAP industry.

In order to purchase CloudCover’s insurance offerings, a company will need to have the CC/B1 Platform installed on their network in addition to completing CloudCover’s CyberSafety Registry®. To sign up for a CyberSafety CC/B1 Platform demo, visit our demo page.

About CloudCover

CloudCover® is a network security and cyber-insurance platform. CloudCover has reimagined cybersecurity as a risk-predictive CyberSafety Platform — delivering extended network detection and response through automated, math-based security orchestration for risk awareness and risk control. The CloudCover SOAR capability accumulates data between an organization’s diverse security technologies and environments and streamlines them into holistic actions on potential risks. The CC/B1 Platform provides a protective security layer to your existing cybersecurity tech stack, detecting network threats and blocking them automatically. With CloudCover, the elusive “single pane of orchestration” capability of an organization’s network security isn’t a myth — it’s reality. To sign up for a CyberSafety CC/B1 Platform demo, visit our demo page or follow us on LinkedIn.