CyberFortress Plans 2019 Launch as Cyber Insurance Industry Grows
Summary
CyberFortress plans to begin offering insurance coverage in 2019, as the San Antonio Business Journal first reported Monday.Unlike some of the larger insurers, which might focus on liability coverage for data breaches, CyberFortress will initially only cover small businesses for events like loss of cash—if, for example, an e-commerce company’s website is hacked, preventing them from making sales, or if an employee of a startup makes a large, fraudulent payment to a phishing scheme, Edwards says.While a larger business with plenty of free cash flow might be able to handle a loss like that, it’s harder for smaller companies to survive a similar circumstance, he says.CyberFortress plans to measure the risk of its customers by using system that’s based on each business’s cybersecurity situation, which would determine the cost of the premium.A company that uses WP Engine to run its website, and has Amazon Web Services host its infrastructure, would be considered less of a risk.
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