New partnership between security-as-a-service provider Coronet and Slice Labs
partnership between security-as-a-service provider Coronet and Slice Labs that offers Coronet's SMB customers a potential discount for Slice's on-demand cyber insurance offerings.
The new offerings is among a growing number of cyber insurance policies targeting organizations of different sizes. A report from A.M. Best this year described premiums for stand-alone and packaged cyber policies as growing 12% from $1.8 billion to just over $2 billion in 2018. Organizations looking to minimize cyber and reputation risk are driving much of the growth. The fact that many insurers have removed cyber coverage from traditional insurance coverage is another factor driving growth of stand-alone cyber insurance, A.M. Best said.
Coronet said its new partnership will give SMB customers the potential to sign up for Slice's cyber insurance at discounted rates. Slice will offer on-demand cyber insurance underwritten by an AXA XL company to Coronet's small business customers, the vendor said.
"One of the many benefits for SMBs is that this on-demand policy is subscription based," says Dror Liwer, Coronet's co-founder & CISO. "Many SMBs are seasonal, giving them the flexibility to have a policy in place when they're in business rather than a conventional, annual policy."
On-demand cyber insurance is insurance that SMBs can purchase online in minutes. All underwriting and risk assessment is done in real time at time of quote, Liwer notes. SMBs can get coverage for a variety of exposures including cyber extortion threats, credit monitoring, damaged data, reputation, liability coverage, and regulatory penalties, including GDPR, Liwer says.
"Coronet is not the insurance provider — AXA XL through Slice is," he notes. "The discount is offered because the insurer believes that customers using Coronet are in a better position to deal with a cyberattack."
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