CloudCover, a cybersecurity and insurance technology platform, has launched new cybersecurity insurance solutions to improve clients’ safety online.
The new offerings, called CloudCover Cyber Liability (CCCL) and Information Systems Business Interruption (ISBI) insurance, are part of the CloudCover insurance product suite.
CloudCover claims that the new cyber covers bring forth a new market category: cybersecurity network and data insurance cover.
The CCCL insurance will cover first-party response costs, third-party liability and regulatory costs and ransom.
The ISBI insurance provides coverage against loss of revenue due to cyber-attacks causing disruption of services or affecting the insured’s network.
CloudCover noted that through CCCL and ISBI it will issue a $1m cover for every cyber incident and a $10m aggregate cover.
Both CCCL and ISBI are powered by CloudCover’s CC/B1 Platform, which operates as a firewall everywhere.
It collects data from an organisation’s network and uses machine learning to detect, analyse and stop suspicious activity.
CloudCover founder and CEO Stephen Cardot said: “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 February next year, the firm plans to launch the final product of its CloudCover insurance product suite called, Cybersecurity Network Data Insurance.
It will insure data in motion with both first- and third-party liability coverage.