Cyber insurer Zeguro and insurtech start-up ActZero have collaborated to create a comprehensive cyber risk management programme targeted at small and mid-size businesses (SMBs).

ActZero’s managed detection and response (MDR) service offers round-the-clock monitoring, protection, and response support.

Earlier, access to advanced cybersecurity technologies was limited to large corporations.

With ActZero, SMBs can prevent breaches through the platform’s combination of threat-hunting expertise, artificial intelligence (AI) and machine learning.

Zeguro CEO and co-founder Sidd Gavirneni said: “We focus on simplifying cybersecurity and cyber insurance for small and medium-sized business customers. Through our partnership with ActZero, SMB customers can save time and money while working to achieve a proper cyber risk posture.”

Zeguro aims to simplify cyber insurance through easily accessible and understandable cyber quotes that can be purchased quickly.

ActZero’s customers can tap Zeguro to affordably get coverage for income loss due to a breach, payment fraud, ransomware, regulatory fines, among others.

The latest partnership comes amid the rising number of ransomware attacks, which has in turn, led to an increase in demand by businesses for better security solutions and insurance.

ActZero COO Chris Finan said: “In today’s evolving threat landscape, companies need tightly integrated risk management solutions more than ever. We’re excited to partner with the Zeguro team to align incentives by bringing together risk mitigation with risk transfer.”

Recently a ransomware attack hit French insurer Axa’s Asia Assistance division, affecting operations in Thailand, Malaysia, Hong Kong and the Philippines.

Cyber criminals reportedly used Avaddon ransomware for the attack and stole around three terabytes of data.