Lloyd’s of London Syndicate back Measured Insurance’s new CyberGuard product
SALT LAKE CITY, UTAH, USA, July 21, 2021 /EINPresswire.com/ — Measured Insurance, the data & analytics-driven cyber insurance company, is pleased to announce the launch of its new CyberGuard insurance product, backed by Syndicates at Lloyd’s of London. Measured’s CyberGuard insurance policy is now available to small and medium-sized businesses in the US seeking smarter cyber coverage tailored to the actual threats they face.
Companies insured with CyberGuard will benefit from Measured’s full range of breach management services, including a team of cybersecurity and legal experts to help clients remediate losses and restore their business. Combined with top threat monitoring and pre-breach remediation services, Measured provides a complete cyber risk management solution to keep companies operational and secure.
Since the start of the COVID-19 pandemic, ransomware attacks have grown more frequent, more expensive, and more disruptive. Cloud-based attacks have increased 630% since March of 2020, with the average cost of a breach topping $3.86 million in 2020. Against this backdrop, Measured’s next-generation cyber coverage provides clients with actionable advice to reduce their threat profile.
“The cyber threat landscape is rapidly changing every day. With companies facing more dynamic and complex threats, it is more essential than ever to have the right partners working alongside you,” said Jack Vines, Measured Insurance CEO. “Measured is the next generation of cyber insurance coverage, designed and built to specifically address the threats that companies face.”
Securing underwriting capacity from a panel of Lloyd’s of London Syndicates represents a watershed moment in Measured’s emergence as a transformational player in the cyber insurance marketplace. Measured’s new Lloyd’s capacity will enable Measured to accelerate its deployment of technology and modeling to assist companies in evaluating their exposure and brokers in pricing cyber risk.
“Ransomware has fundamentally changed the insurance landscape,” says Chris Cotterell, Divisional Chair – Cyber at Howden Insurance Brokers Limited. “With risks and rates rising every week, insurers need new and more accurate ways of quantifying and pricing risk. Measured is bringing some much-needed new thinking to the industry.
While most cyber insurance policies still rely on traditional underwriting processes, Measured’s CyberGuard combines API integrations, proprietary data, and real-time assessment of each client’s actual risk to provide each client with bespoke, actionable information to reduce exposure and reward strong cyber hygiene with competitive rates.
“Today’s dynamic cyber threats require a dynamic response,” says Iain Ainsley, Senior Underwriter, Cyber at Hamilton Insurance Group. “Staying out in front of the risk requires partners like Measured who can help insureds adapt in real-time.”