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Munich Re and CloudCover announce partnership

31st January 2023 - Author: Kassandra Jimenez-Sanchez

CloudCover, an AI-generative cybersecurity threat prevention platform, has announced the inclusion of the $1m Ransomware Warranty backed and insured by reinsurance giant, Munich Re.

Cyber risk insurance and reinsuranceWith ransomware attacks on the rise, including high-profile breaches in energy infrastructure, finance, and healthcare, offerings like the Ransomware Warranty have never been more necessary, CloudCover highlighted.

CEO Stephen Cardot commented: “In our experience, the best products come with a warranty – and cybersecurity platforms shouldn’t be any different.

“In addition to the efficacy proven by some of the most aggressive testing, we’ve worked with organisations in a myriad of industries — protecting their networks from cyber-attacks that could have become ransomware events.

“This Ransomware Warranty protects you financially from malware that turns into a ransomware event, so if you place the security of your network in our trust, we’ll guarantee ransomware protection.”

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CloudCover offers a fully integrated cybersecurity platform that addresses risk aware, risk control, and risk transfer elements for its clients. For the first time, customers not only can protect against attacks, but are offered an insured warranty guaranteeing protection.

For the IT executive, this is ground-breaking. For the executive suite, the potential liability resulting from attacks is abated, the company stated.

CloudCover claims that its patented AI-generative, automated microsecond network detection is a real game changer that can stop the increase in attacks.

This product offering forms part of CloudCover’s cybersecurity platform, which has been thoroughly penetration tested, verifying CloudCover as providing advanced protection from “never-before-seen” and “never-before-known” malware.

Current malware is attacking at millisecond speeds, utilising AI-methods which cannot be stopped by human-based reactive solutions, CloudCover explained. These legacy security solutions cannot protect, creating a perfect storm of corporate liability and exposure.

The platform supports the continued commitment to protect the current cybersecurity landscape by collecting and analysing all egress-ingress threat data from all corners of an organisation’s network thus creating a clear concise security “firewall everywhere” throughout the entire organisation.

The CloudCover Ransomware Warranty represents one of several network protection offerings the company will roll out in 2023 which will produce an entirely new cyber insurance market category – cybersecurity embedded network-centric cyber insurance.

Cybersecurity network insurance and cybersecurity data insurance launches are planned for May/June 2023, respectively, ClaudCover added.

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