Cysurance & Sophos expand cyber protection program to Australia

Cysurance has extended its financial cyber protection program with Sophos to Australia, following its success in the United States.

This initiative aims to provide comprehensive and affordable enhanced ransomware protection and cyber-insurance policies to businesses in the region.

Cysurance, a risk mitigation company specialising in cybersecurity solutions for enterprises, is focused on reducing the frequency, severity, and business impact of cyber incidents.

The company's newly launched program in Australia offers inclusive and affordable warranty and cyber insurance policies for local clients using Sophos Managed Detection and Response (MDR) and Sophos Endpoint solutions. These policies are designed to mitigate financial losses stemming from various cyber incidents, thus enabling businesses to operate with greater confidence.

The coverage includes first-party incident response, business interruption, digital data recovery, cyber extortion, and third-party liability costs arising from threats like ransomware and social engineering.

"These programs are backed by carriers in the Lloyds Syndicate, ensuring reliable coverage for ransomware attacks and incident response costs up to the policy's total limit," said Kirsten Bay, CEO of Cysurance.

For Sophos MDR customers, the program offers a streamlined process, bypassing the traditional application and underwriting procedures, allowing most customers to instantly qualify for discounted, high-quality cyber insurance policies. In the event of an incident, Cysurance's extended ransomware protection will be the first to respond. If this protection is exhausted, the cyber insurance will cover further remediation and other security or business continuity expenses up to the policy limits.

Advantages for Sophos customers in Australia include a simplified application procedure, automatic qualification for those using Sophos MDR, and lowered insurance costs. This allows businesses to allocate more resources to improving their overall security posture. Additionally, the program provides extended protection for ransomware incidents, ensuring immediate financial resources are available to address the situation, thus helping organisations manage risks in an increasingly complex cyber threat landscape.

Local brokerage support in Australia is provided through the Howden Broking Group and LTD Insurance Brokers, ensuring customers receive assistance and guidance throughout the process. John Donovan, Managing Director of Sophos Australia, emphasised the importance of comprehensive cybersecurity measures in the current threat environment.

"As the threat landscape continues to increase in complexity, most organisations can't manage cybersecurity on their own - and neither should they have to. This is why MDR has become essential for organisations to ensure they have the best defences to protect themselves," he said.

"Cysurance recognises this and the value that Sophos 24/7 threat detection and response experts provide to mitigate cyber risk. Cysurance's discounted insurance offering for Sophos customers is a testament to Sophos MDR capabilities and the effective security services we provide," he added.

The new partnership aims to offer Australian businesses a robust solution to manage and mitigate cyber risks. By providing enhanced ransomware protection and facilitating access to cyber insurance, the collaboration aims to bolster business resilience against cyber threats.