The partnership is part of the tech giant’s multi-year commitment aimed at helping the insurance industry create cyber insurance products that are superior and data-driven and supported by its security solutions
Microsoft has entered into a partnership with cyber insurance start-up At-Bay to help small and medium businesses (SMBs) in the US in mitigating the most common cyber risks.
The partnership will help bolster the cyber security posture of customers at a time when cyberattacks are increasingly becoming prevalent, said the US-based insurance firm.
It is part of Microsoft’s new multi-year commitment aimed at helping the insurance industry develop cyber insurance products that are superior and data-driven and backed by its security solutions.
Microsoft security, compliance and identity (SCI) business development corporate vice president Ann Johnson said: “For cyber insurance to play a meaningful role in overall risk management, buyers and sellers need the benefit of data and clear visibility into what is covered and factors either minimising or multiplying risk exposure.
“Microsoft’s partnership with At-Bay brings important clarity and decision-making support to the market as organisations everywhere seek a comprehensive way to empower hybrid workforces with stronger, centralised visibility and control over cloud applications boosting security and productivity.”
At-Bay is said to evaluate the cyber-risk of the companies it insures and gives them actionable insights on how to boost their security posture.
Starting from next month, businesses in the US, which use Microsoft 365, will be eligible for savings on their At-Bay cyber insurance policy premiums. This is subject to the businesses implementing certain security controls and solutions such as multifactor authentication and Microsoft Defender for Office 365.
Microsoft said that it is working actively with the cyber insurance start-up for finding more ways to enhance the digital risk exposure of its customers and address vulnerabilities in a proactive manner.
The tech giant said that the offer will be available through the broker community of the insurance firm and available for customers using any version of Microsoft 365.
At-Bay co-founder and CEO Rotem Iram said: “An insurance policy is an effective tool to articulate the impact of cybersecurity choices on the financial risk of a company. By offering better pricing to companies that implement stronger controls, we help them understand what matters in security and how best to reduce risk.
“Working with Microsoft enables us to educate customers on the powerful security controls that exist within Microsoft 365 and reward them for adopting those controls.”
In July this year, At-Bay raised $185m in a Series D funding round to take its valuation to $1.35bn.