At-Bay Cyber Insurance
Designed to Help Prevent Loss

At-Bay offers cyber insurance designed to help businesses prevent and recover from cyber-attacks. Their comprehensive approach includes:

Key Features

• Detailed Security Report: Provided at the time of quote to assess security strength before policy purchase.
• At-Bay Stance™: Offers mission-critical products and services to reduce cyber risk as part of the insurance policy.
• In-house Claims & Incident Response Teams: Experienced professionals who help policyholders recover quickly from cyber events.

At-Bay policyholders are up to 5 times less likely than the industry average to experience a ransomware attack.

Coverage Highlights

At-Bay’s cyber policy covers various aspects of cyber risk, including:

• Ransomware
• Financial fraud and cybercrime
• Business interruption losses
• Breach response and data recovery
• Liability claims from network security or information privacy events

Why Cyber Insurance is Essential

Cyber insurance is crucial for businesses that:

• Sell products or services online
• Use technology to conduct business
• Store or process sensitive data or customer information

Even small businesses are frequent targets for cyber attacks due to their limited resources and expertise in combating evolving threats.

First-Party Coverage

At-Bay’s policy includes:

• Event Response & Recovery
• Event Response & Management
• Direct and Contingent Business Interruption
• System Failure Coverage
• Cyber Extortion
• Social Engineering & Computer Fraud
• Reputational Harm Coverage

Third-Party Coverage

The policy also covers:

• Information Privacy Liability
• Network Security Liability
• Regulatory Liability
• Payment Card Liability
• Media Liability

Real-World Examples

The document provides two case studies demonstrating At-Bay’s effectiveness:

1. A food retailer suffered wire fraud, resulting in a $60,000 reimbursement from At-Bay.
2. A construction company experienced email compromise, leading to At-Bay covering nearly $28,000 in breach-related costs.

At-Bay’s cyber insurance offers comprehensive protection against a wide range of cyber threats, combining financial coverage with proactive security measures to help businesses prevent, respond to, and recover from cyber incidents.

At-Bay Cyber Insurance
Admitted vs. Surplus

At-Bay comprehensively compares its admitted and surplus cyber insurance coverage options. At-Bay takes an innovative approach to cyber insurance underwriting, continuously analyzing and monitoring the risk of every company in their portfolio to provide ongoing education, advice, and support to brokers and businesses.

Admitted vs. Surplus Coverage

The key differences between the admitted and surplus coverage options are:

Target Customer:

• Admitted: Micro to small businesses with standard risk profiles seeking affordable but comprehensive coverage
• Surplus: Small to midsize businesses seeking premium, customizable cyber insurance

Minimum Premium:

• Admitted: $100 for $100K aggregate limit ($750 for $1M aggregate)
• Surplus: $950 for $1M aggregate limit

Revenue Limit:

• Admitted: Up to $25M
• Surplus: Up to $100M

Coverage Limit:

• Admitted: Up to $1M
• Surplus: Up to $3M

Coverage Highlights

Both admitted, and surplus options include:

• Information Privacy – Event Response & Liability
• Network Security – Event Response & Liability
• Data Recovery
• PCI Liability
• Business Interruption (Direct and Contingent)
• System Failure (Direct and Contingent)
• Reputational Harm
• Cyber Extortion
• Financial Fraud

The surplus option offers additional coverages such as Media Liability & Event Response, Broker-Specific Amendatories, Contingent Bodily Injury, HIPAA Betterment, and PCI Betterment.

Additional Features

State Availability:

• Admitted: All states, including D.C., except for Alaska
• Surplus: All states, including D.C.

AM Best Rating:

• Both options are underwritten by A- (Excellent) rated carriers

Security Solutions:

• Both options include Active Risk Monitoring, At-Bay Response & Recovery, and access to the At-Bay Security Partner Network. The surplus option provides access to At-Bay Stance Exposure Manager and At-Bay Stance Managed Security.

Fees:

• Admitted: State surcharges (if applicable)
• Surplus: Surplus lines tax and embedded security fee based on risk exposure

At-Bay emphasizes that its approach to cyber insurance is dynamic, recognizing that numerous new threats emerge over an insurance year. Their regular risk analysis and monitoring allow them to provide ongoing support and education to their clients throughout the partnership.

At-Bay Cyber Insurance
Remote Desktop Protocol (RDP)

At-Bay Cyber provides an overview of Remote Desktop Protocol (RDP) and its significance in cybersecurity, particularly in the context of ransomware attacks and the services offered by At-Bay.

Remote Desktop Protocol (RDP)

RDP is a server connection provided by Microsoft and other operating systems that enables users to connect to other computers over a network remotely. With the increased remote work, open RDP ports have become a prime target for cybercriminals.

Cybersecurity Risks

As of November 2020, over 3.5 million internet-connected devices had externally facing RDP ports. More alarmingly, more than 50% of all ransomware attacks in Q4 2020 were attributed to compromised RDP. The document emphasizes that an open RDP port is currently the most significant ransomware attack vulnerability for most businesses.

At-Bay’s Approach to Cybersecurity

At-Bay offers a proactive approach to managing cyber risks associated with RDP:

1. Security Scans: The company conducts sophisticated security scans for every business they quote, specifically looking for vulnerabilities like open RDP ports.

2. Active Risk Monitoring: At-Bay employs active risk monitoring technology to continuously scan for cyber threats throughout the duration of each policy.

3. Effective Results: This proactive approach has proven highly effective in reducing ransomware attacks. At-Bay reports that their ransomware claims frequency is 5 times lower than the industry average.

Vulnerability Detection and Response

When At-Bay detects a vulnerability, they take the following steps:

1. At Quoting Stage: If an open RDP port is identified during the quoting process, At-Bay provides recommendations to address the vulnerability quickly and securely.

2. During the Policy Period: If a new vulnerability is detected while a policy is active, At-Bay immediately alerts the insured business and their broker.

3. Technical Support: When necessary, At-Bay offers recommendations to the insured business’s technical team on how to resolve the issue while maintaining functionality securely.

4. Secure Alternatives: If an open RDP is required for business operations, At-Bay recommends hiding the RDP behind a secure gateway, such as a virtual private network (VPN), and enabling network-level authentication.

In conclusion, the document highlights the critical nature of RDP vulnerabilities in the current cybersecurity landscape and showcases At-Bay’s comprehensive approach to identifying, monitoring, and addressing these risks for its clients.

At-Bay Cyber Insurance
Multi-Factor Authentication (MFA)

Multi-Factor Authentication (MFA) is a crucial security measure that requires users to provide multiple verification methods when accessing websites or applications. This security setting, sometimes called two-factor authentication (2FA), is a simple yet highly effective way to protect against ransomware and other cyber attacks.

Importance of MFA

MFA adds an extra layer of security, making it significantly more difficult for attackers to breach a system. Cybercriminals often use stolen usernames and passwords to gain unauthorized access before deploying ransomware. According to security experts, by implementing MFA, businesses can block 99% of account compromise attacks.

At-Bay’s Approach to Security

At-Bay, a cybersecurity company, emphasizes the importance of MFA in its security assessments. They conduct sophisticated security scans for every business they quote and inquire about MFA implementation during the quoting process. At-Bay typically extends full ransomware coverage for large, high-risk companies seeking larger limits if MFA is in place.

Recommended MFA Implementation

At-Bay recommends implementing MFA at all sensitive access points, including:

• Email
• Internal applications
• Remote network access
• External-facing systems

The most secure verification method is an authenticator application, such as Google Authenticator, which is preferred over text messages or phone calls.

Addressing Concerns About MFA

Some businesses worry that implementing MFA may disrupt employee workflows. However, At-Bay assures that this doesn’t have to be the case. Companies can configure MFA to require authenticator codes only during the initial setup process and when employees use new devices. Implementing MFA should not be complicated or expensive for businesses that outsource IT support.

Conclusion

Implementing MFA is a straightforward, cost-effective security measure that protects against cyber threats. At-Bay strongly recommends that businesses invest in MFA implementation proactively, emphasizing that it’s better to act now rather than waiting until it’s too late.

At-Bay Cyber Insurance
Ransomware Insights & Attack Prevention

At-Bay provides insights into ransomware attacks and prevention strategies, highlighting the growing threat to businesses and At-Bay’s effective approach to risk management. The average ransom payment increased by 43% to over $220,000 in Q1 2021, underscoring the severity of the issue.

Key Prevention Strategies

Secure Email Gateway (SEG)

SEG is crucial for protecting against phishing, which accounts for over 25% of ransomware attacks. At-Bay’s data shows that 67% of attacks affected businesses without SEG. The document recommends implementing SEG software, especially for non-Gmail users, with specific suggestions for Office365 users.

Multi-Factor Authorization (MFA)

MFA is a simple yet effective method to prevent 99% of account compromise attacks. It requires users to provide multiple verification methods to access systems. The document advises implementing MFA at all sensitive access points, preferring authenticator applications over text messages or phone calls.

Data Backups

Comprehensive data backups are essential for recovering from ransomware attacks without paying the ransom. The document recommends following the “3-2-1 Rule”: three copies of data stored across two different mediums, with one copy kept offsite. Without backups, businesses may face average costs of $732,000 to restore data from scratch.

Remote Desktop Protocol (RDP)

An open RDP port is identified as the biggest ransomware attack vulnerability, responsible for over 50% of attacks in Q4 2020. The document suggests either addressing this vulnerability quickly or, if RDP is necessary, hiding it behind a secure gateway like a VPN and enabling network-level authentication.

At-Bay’s Approach

At-Bay’s proactive tactics have resulted in a ransomware claims frequency that is 5 times lower than the industry average. This success demonstrates the effectiveness of their modern approach to risk management and their commitment to the market.

At-Bay emphasizes the importance of implementing these preventive measures to reduce the risk of ransomware attacks significantly. By focusing on email security, multi-factor authentication, data backups, and secure remote access, businesses can better protect themselves against this growing cyber threat.

At-Bay Cyber Insurance
Claim Case Study: Financial Fraud- Social Engineering

At-Bay presents a case study of a financial fraud incident handled by At-Bay, an insurance provider specializing in cybersecurity. The case involves a financial lending company in Texas that fell victim to a social engineering attack through email compromise.

The Incident

The target company, a small financial lending firm with 2-10 employees and revenue between $5M-$10M, received fraudulent ACH instructions from a compromised email account of a trusted vendor. As a result, the company wired nearly $100,000 to a fraudulent account. The fraud was discovered two days later when the insured company and the vendor realized the funds had been misdirected.

At-Bay’s Response

At-Bay’s claims team responded promptly and efficiently to the incident:

1. The claim was reported to At-Bay after the insured confirmed they couldn’t recover the payment.
2. Within 24 hours, an At-Bay adjuster contacted the insured to gather details and request necessary documentation.
3. The incident was classified as a first-party Social Engineering event, triggering coverage under the Financial Fraud Insuring Agreement.
4. Over the next two weeks, the insured provided the required documentation to At-Bay.
5. At-Bay then proceeded with the compliance process to issue payment.

Resolution

At-Bay resolved the claim swiftly, paying the insured in full for the loss (minus retention) less than 30 days after the claim was reported. This prompt response and resolution earned high praise from the broker, who stated, “This is the best claims handling I’ve ever seen on a financial fraud claim.”

At-Bay’s Approach

At-Bay highlights it’s role as an “InsurSec provider for the digital age.” Their approach combines advanced technology with insurance and security expertise to offer comprehensive protection for modern businesses. This integrated strategy aims to address the cybersecurity gap for small and medium-sized businesses by providing end-to-end protection that includes security measures, threat intelligence, and human expertise.

This case study demonstrates At-Bay’s efficiency in handling cybersecurity insurance claims, particularly in cases of financial fraud resulting from social engineering attacks. Their quick response time, clear communication with the insured, and prompt payment resolution showcase their commitment to providing their clients with effective cybersecurity protection and insurance services.

At-Bay Cyber Insurance
InfoSec – Proactive Security

This document, titled “InsurSec Can Drive An Effective Proactive Security Strategy,” presents findings from a survey conducted by Omdia in the first quarter of 2024. The survey involved over 400 security decision-makers from North America, the UK, France, and Germany, focusing on proactive security solutions and cyber insurance.

Key findings include:

1. Proactive Security Adoption

• Over 70% of respondents increased spending on proactive security solutions compared to the previous year.
• Larger and more mature companies are more likely to adopt proactive security solutions strategically.

2. Security Challenges

• Organizations of all sizes face similar productivity challenges, including dealing with false positive alerts, maintaining legacy infrastructure, and completing administrative tasks related to compliance and cyber insurance.
• IT/security teams spend less than 50% of their time focused on improving security or helping business growth.

3. Cyber Insurance

• 72% of respondents view cyber insurance as critical or important to their organization.
• 79% of respondents either have cyber insurance or plan to acquire it within 12 months.
• Cyber insurance requirements are a major driver of cyber spend for 43% of all respondents, rising to 52% among the largest organizations.

4. Security Maturity

• Larger organizations tend to have higher security maturity levels.
• 84% of the most security-mature respondents currently have cyber insurance.

5. InsurSec Approach

• Only 13% of respondents work proactively with their insurer to reduce cyber risk.
• InsurSec companies, which combine cybersecurity products and services with insurance offerings, are emerging as a comprehensive solution for prevention and protection.

At-Bay emphasizes the importance of proactive security solutions and cyber insurance in modern cybersecurity strategies. It suggests that organizations, especially smaller and less mature ones, could benefit from partnering with cyber insurance providers to improve their security posture. The report also highlights the potential of InsurSec companies in providing data-driven expertise for assessing and managing cyber risk.

At-Bay Cyber Insurance
Overcoming Ransomware

This document, titled “Overcoming Ransomware: A Blueprint for Thriving in a Digital World,” presents At-Bay’s approach to addressing the growing threat of ransomware attacks in the cyber insurance industry. The report highlights the severity of ransomware, which accounts for an estimated 60% of all cyber insurance claims in the United States, with the average ransom payment nearly doubling in the past year and total recovery costs reaching $1.8 million per incident.

At-Bay’s strategy focuses on active risk monitoring, which combines frequent scans to detect vulnerable businesses in their portfolio and an in-house security team to help resolve issues before attackers can exploit them. This approach has resulted in a ransomware attack frequency seven times lower than the industry average in At-Bay’s portfolio.

The document emphasizes two main attack vectors for ransomware:

1. Remote Desktop Protocol (RDP)

Responsible for nearly 50% of all ransomware attacks. At-Bay found that 10.1% of businesses have an open RDP port during the policy year, five times greater than identified by a one-time scan at underwriting.

2. Software vulnerabilities:

Account for nearly 20% of all ransomware incidents. At-Bay’s active risk monitoring approach achieves 80% remediation of vulnerable software within one month, compared to the industry average of five months.

The report also highlights the limitations of traditional underwriting methods, which typically assess cyber risk only once a year. At-Bay’s approach involves continuous monitoring and rapid response to new threats, enabling them to update underwriting rules and deploy new technical scans within days.

At-Bay presents its blueprint for managing cyber risk in the digital age, emphasizing the importance of active risk monitoring, technical analysis at underwriting, and a scalable cloud technology stack. This approach allows At-Bay to provide broad coverage at affordable prices while significantly reducing the impact of ransomware on their insurance portfolio.