Cloudflare, Inc. (NYSE: NET), today announced it is partnering with leading cyber insurance companies to help businesses manage their risks online. Eligible Cloudflare customers can qualify for discounts or other added benefits from insurance providers like At-Bay, Coalition, and Cowbell Cyber for using Cloudflare to protect any of their websites, applications, employees, and corporate networks.
As cyberattacks increase in volume and severity, the number of businesses selecting cyber insurance has surged from 26% in 2016 to 47% in 2020. As a result, insurance companies have had to raise premiums to cover their costs. In the second quarter of 2021 alone, cyber insurance premiums rose by more than 25%. Now rising costs and more stringent requirements from insurers have left some businesses without
options, unable to access or afford policies.
“We’re helping protect millions of organizations everyday, and cyber insurers understand the benefit that brings to keeping a company protected online,” said Matthew Prince, co-founder and CEO.
“Similar to a safe-driving discount granted through auto insurance, now companies can get discounts just for using Cloudflare to protect their organizations. By working closely with some of the most prominent cyber insurers and incident response providers we are now helping businesses to comprehensively manage their risk online.”
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 are faced with covering 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.
“It’s incredible what Cloudflare has done to create a safer Internet. When our technology is paired with insurance, we are able to protect businesses in an entirely new way. We are excited to offer customers enhanced cyber insurance coverage to protect them from the fast-changing threat landscape,” said Joshua Motta, Co-founder & CEO, Coalition
“The complexity and frequency of cyber attacks continue to rise, and small and medium enterprises are increasingly becoming the center of these attacks. Through partners like Cloudflare, we want to encourage these businesses to adopt the best security standards and proactively address vulnerabilities, so they can benefit from savings on their cyber insurance policy premiums”, said Jack Kudale, Founder
and CEO, Cowbell Cyber.