Now organizations of all sizes can benefit from better access and better cyber insurance rates, just because they are Cloudflare customers.
SAN FRANCISCO, December 09, 2021– (BUSINESS WIRE) – Cloudflare, Inc. (NYSE: NET), the security, performance and reliability company that helps build a better Internet, today announced its partnership with leading cyber insurance companies to help businesses manage their risks online. Eligible Cloudflare customers can take advantage of discounts or other additional benefits from insurance providers like At-Bay, Coalition, and Cowbell Cyber ââto use Cloudflare to protect any of their websites, applications, employees and networks from ‘business. Cloudflare also announced new relationships with leading incident response providers CrowdStrike, Mandiant and Secureworks, enabling them to quickly refer attacked businesses.
As cyber attacks increase in volume and severity, the number of companies choosing cyber insurance has increased from 26% in 2016 to 47% in 2020. As a result, some insurance companies have had to increase their premiums to cover their costs. In the second quarter of 2021 alone, cyber insurance premiums increased by more than 25%. Today, rising costs and tighter insurer requirements have left some businesses with no options, unable to access or pay for policies. As a result, a new generation of insurance startups have emerged over the past five years to rethink the way cyber risk is underwritten, infusing security expertise into the insurance product.
âWe help protect millions of organizations every day, and cyber insurers understand the benefits of protecting a business online,â said Matthew Prince, co-founder and CEO of Cloudflare. âSimilar to a safe driving discount granted through auto insurance, businesses can now earn discounts simply by using Cloudflare to protect their organizations. By working closely with some of the largest cyber insurers and incident response providers, we are now helping businesses fully manage their online risk. “
In Q3 2021, Cloudflare automatically mitigated one of the world’s largest DDoS attacks that hit a customer in the financial services industry. The ability to thwart and prevent an average of 76 billion attacks per day is attractive to cyber insurers who must cover a rapidly growing customer base and a more complex threat landscape. To learn more about how customers can take advantage of insurance discounts or benefits, organizations can contact their independent insurance brokers to get started.
âAn insurance policy is an effective tool for articulating the impact of security choices on a company’s financial risk. By offering better pricing to companies that implement tighter controls, like Cloudflare’s comprehensive DDoS protection, we’re helping customers understand how to best mitigate risk, “said Rotem Iram, co-founder and CEO of At-Bay. “Driving our customers to adopt innovative security solutions such as Cloudflare, combined with free active risk monitoring from At-Bay, has helped reduce ransomware in At-Bay’s portfolio 7 times in below the market average. “
âIt’s amazing what Cloudflare has done to create a safer Internet. When Cloudflare’s technology is paired with insurance, we are able to protect businesses in a whole new way, âsaid Joshua Motta, Co-Founder and CEO of Coalition. “We’re excited to offer Cloudflare customers enhanced cyber insurance coverage alongside Coalition’s active security monitoring platform to help businesses build true cyber resilience with an insurance policy.” still active. “
âWe are excited to be working with Cloudflare to meet the cybersecurity needs of our customers and help them reduce their cyber risk. Working with cybersecurity companies like Cloudflare will certainly enable a more data-driven underwriting approach that the industry needs, âsaid Nate Walsh, Head of Strategic Partnerships at Corvus Insurance.
âThe complexity and frequency of cyber attacks continue to increase, and small and medium-sized businesses are increasingly becoming the focus of these attacks. Thanks to partners like Cloudflare, we want to encourage these companies to adopt the best security standards and to proactively address vulnerabilities, so that they can benefit from savings on the premiums of their cyber insurance policies â, a said Jack Kudale, Founder and CEO of Cowbell Cyber.
When a business is attacked, every minute is important. Incident response companies work hard to bring a network back online or restore traffic to a website after an attack. To make this process easier and faster, Cloudflare is partnering with CrowdStrike, Mandiant and Secureworks to enable rapid referral of attacked organizations.
âThe speed at which a business is able to identify, investigate and remedy a threat strongly determines its end result,â said Thomas Etheridge, senior vice president of CrowdStrike Services. “Our partnership with Cloudflare gives businesses the ability to take action quickly and contain exposure in the time of an attack, allowing them to get back on their feet and resume operations as usual as quickly as possible.”
âAs cyber threats continue to evolve rapidly, the need for organizations to have response plans in place increases. Together, Mandiant and Cloudflare enable our mutual customers to mitigate the risks breaches pose to their business operations. We hope to see more. -the necessary technology collaborations that help organizations address the growing threat of ransomware and DDoS attacks in a timely manner, âsaid Marshall Heilman, EVP & Chief Technology Officer, Mandiant.
âSecureworks’ proactive expertise in incident response and conflicting testing, combined with Cloudflare’s intelligent global platform, enables our joint customers to better mitigate threats from sophisticated cyber attacks,â said Chris Bell, vice -President, Strategic Alliances, Secureworks. âThis partnership is an essential approach to tackling advanced cyber threats with speed and automation. “
Learn more about how to take advantage of insurance discounts or benefits as a customer or, if you are a cyber insurance provider, contact us to find out how we can work together. For additional resources, see below:
Cloudflare, Inc. (www.cloudflare.com / @cloudflare) is on a mission to help build a better Internet. Cloudflare’s suite of products protect and accelerate any online Internet application without adding hardware, installing software, or changing a line of code. Cloudflare powered internet properties have all web traffic routed through its intelligent global network, which gets smarter with every request. As a result, they see a significant improvement in performance and a decrease in spam and other attacks. Cloudflare was named in Entrepreneur Magazine’s 2018 Best Corporate Cultures list and ranked as one of the World’s Most Innovative Companies by Fast Company in 2019. Headquartered in San Francisco, Calif., Cloudflare has offices in Austin, TX, Champaign , IL, New York, NY, San Jose, California, Seattle, WA, Washington, DC, Toronto, Lisbon, London, Munich, Paris, Beijing, Singapore, Sydney and Tokyo.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve risks and substantial uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may”, “will”, “should”, “expect”, “explore”, “plan”, “anticipate”, “could “,” “Intend to”, “target”, “plan”, “consider”, “believe”, “estimate”, “foresee”, “potential” or “continue” or the negative of these words, or other similar terms or expressions that relate to Cloudflare’s expectations, strategy, plans or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, without limitation, statements regarding discounts and other potential benefits from insurance providers to Cloudflare customers due to use of Cloudflare products, the potential benefits of cyber insurance for Cloudflare customers and the costs and requirements of cyber insurers that may apply to Cloudflare customers, the potential benefits to Cloudflare customers of incident response providers when Cloudflare customers are attacked, the functionality and expected performance of Cloudflare products and technology when customers are integrated with the Cloudflare platform, Cloudflare’s technology development, future operations, growth, initiatives or strategies, and feedback made by the CEO of Cloudflare and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks detailed in documents filed by Cloudflare with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10 -Q filed on November 5, 2021, as well as other filings we may make from time to time with the SEC.
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