CrowdStrike Falcon for Insurability Fast Tracks Companies for Cyber Insurance Eligibility
CrowdStrike (Nasdaq: CRWD) has launched Falcon for Insurability, a program that allows cyber insurers to offer companies advanced cyber protection from the AI-native CrowdStrike Falcon platform at preferred rates.
This initiative involves partners like Ascot Group, AXA XL, Beazley Insurance, Berkley Cyber Risk Solutions, Coalition, and Resilience.
The program aims to reduce underwriting risks by enhancing cyber resilience and breach prevention. It helps insurers provide coverage to more businesses, requiring advanced cyber defenses to qualify for policies.
The Falcon platform enables organizations to detect 96% more threats and conduct investigations 66% faster than other vendors, significantly improving their cyber defense capabilities.
- Falcon platform detects 96% more threats compared to other vendors.
- Investigations are conducted 66% faster with the Falcon platform.
- AI-native platform offers advanced cyber protection.
- Program partners include renowned insurers like Ascot Group, AXA XL, and Beazley Insurance.
- Reduces underwriting risk for insurers.
- Improves cyber resilience for businesses.
- Helps more businesses qualify for cyber insurance coverage.
- Preferred rates for companies using Falcon for Insurability.
- Organizations might face higher premiums without adopting advanced cyber defenses.
- Companies could be excluded from obtaining coverage without the required cybersecurity measures.
- Cyber risk underwriting remains challenging due to persistent and sophisticated cyberattacks.
Insights
CrowdStrike's new Falcon for Insurability program could have a significant impact on both the cybersecurity and insurance sectors. By partnering with several insurance carriers, CrowdStrike aims to streamline cyber insurance eligibility and potentially reduce premiums for companies that adopt their Falcon platform. For retail investors, this move could signify an impending increase in CrowdStrike's customer base and revenues as more organizations may opt for their solutions to benefit from reduced insurance costs. Given the persistence and sophistication of cyberattacks, organizations are increasingly prioritizing effective cyber defenses and CrowdStrike's partnership with leading insurers could bolster their competitive edge.
Moreover, this program may lead to a lower risk profile for insured companies, potentially making CrowdStrike's stock more attractive to risk-averse investors. The metrics mentioned, such as detecting
However, it will be important to monitor if these partnerships lead to tangible increases in CrowdStrike's revenues and market share. Furthermore, the company's ability to maintain these high detection and response rates will be key to sustaining long-term investor confidence.
The Falcon for Insurability program positions CrowdStrike uniquely in the cybersecurity market by tightly integrating their platform with the insurance underwriting process. For a cybersecurity expert, the fact that leading insurers trust the Falcon platform's capability to enhance cyber resilience is highly significant. This partnership suggests that CrowdStrike's technology is not only advanced but also reliable and trusted by major players in the insurance industry, which could set a new standard for cyber insurance policies.
Investors should note that this program leverages AI-driven insights to continuously improve defense measures, which can effectively reduce the risk of cyber threats. The program's ability to detect threats more efficiently and expedite investigations could mean fewer successful breaches and, consequently, fewer insurance claims. This directly benefits insurers and, by extension, CrowdStrike, as it solidifies their position as a leading cybersecurity provider.
It's also worth acknowledging that this initiative could drive innovation in how cyber risks are quantified and managed, potentially influencing broader market trends and encouraging other cybersecurity firms to adopt similar strategies. However, the effectiveness of this approach will need to be evidenced by real-world performance over time.
New program allows insurance carriers to provide companies with the best-in-class protection of the Falcon platform at preferred rates
The persistence and sophistication of cyberattacks continue to create cyber risk underwriting challenges: more organizations are having to decide between paying higher premiums, receiving reduced coverage, and rationalizing their cybersecurity spend. Carriers are requiring companies to have advanced cyber defenses to qualify for policies, excluding many from obtaining coverage. Falcon for Insurability allows carriers to provide the world’s most advanced AI-powered protection at preferred rates. With the Falcon platform, organizations can detect
“As cybersecurity’s leader, CrowdStrike understands the nuances of cyber insurance, and we have a team dedicated to working with the cyber insurance community. Our AI-native cybersecurity platform is increasingly important not only to the security of the organization, but also its insurability,” said Daniel Bernard, Chief Business Officer, CrowdStrike. “Falcon for Insurability empowers boards of directors and cyber leaders to take a more active role overseeing and comprehensively addressing a risk to resilience journey.”
Supporting Quotes
"In today’s threat landscape, Falcon for Insurability is a mutually beneficial solution for organizations everywhere. Access to cybersecurity resources and tools like this boosts our clients’ cyber confidence and our own in extending cyber insurance coverage,” said Anthony Dagostino, Global Chief Cyber Underwriting Officer, Commercial Lines, AXA. “This program reduces the chance that companies will experience an impactful breach that could threaten their reputation and profitability.”
“Beazley’s Full Spectrum Cyber offering ensures our clients can pre-empt, respond and adapt to emerging cyber threats every day. Deploying CrowdStrike Falcon alongside our solution will deliver powerful new resources to the ongoing battle against cyber criminals and further strengthen our clients’ cyber resilience,” said Paul Bantick, Global Head of Cyber Risks, Beazley Insurance.
“We are excited to continue our partnership with CrowdStrike to offer our policyholders access to its expanded portfolio of security solutions. Policyholders now have a variety of options, ranging from very affordable endpoint protection for small businesses to a customizable and solution-specific product for larger organizations,” said Steve Krusko, Chief Underwriting Officer, Berkley Cyber Risk Solutions. “All Berkley Cyber Risk Solutions’ policyholders can access tools to mitigate today’s most relevant threats to their IT systems.”
“Every day, businesses are bombarded with new and fast-evolving digital risks,” said John Roberts, General Manager, Security, Coalition. “Solutions like CrowdStrike’s Falcon platform give Coalition’s policyholders the ability to actively reduce their cyber risks, help prevent impactful breaches, and improve overall cyber insurance outcomes.”
“We are excited to build upon our long-standing partnership with CrowdStrike through the Falcon for Insurability program. The combination of CrowdStrike’s leading protection with Resilience’s unique approach to quantifying and managing cyber risk holistically helps us better understand an organization’s security posture and protect our joint clients,” said Timothy Riley, SVP Products, Resilience.
For more information, please see the CrowdStrike website here.
About CrowdStrike
CrowdStrike (Nasdaq: CRWD), a global cybersecurity leader, has redefined modern security with the world’s most advanced cloud-native platform for protecting critical areas of enterprise risk – endpoints and cloud workloads, identity and data.
Powered by the CrowdStrike Security Cloud and world-class AI, the CrowdStrike Falcon® platform leverages real-time indicators of attack, threat intelligence, evolving adversary tradecraft and enriched telemetry from across the enterprise to deliver hyper-accurate detections, automated protection and remediation, elite threat hunting and prioritized observability of vulnerabilities.
Purpose-built in the cloud with a single lightweight-agent architecture, the Falcon platform delivers rapid and scalable deployment, superior protection and performance, reduced complexity and immediate time-to-value.
CrowdStrike: We stop breaches.
Learn more: https://www.crowdstrike.com/
Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram
Start a free trial today: https://www.crowdstrike.com/free-trial-guide/
© 2024 CrowdStrike, Inc. All rights reserved. CrowdStrike, the falcon logo, CrowdStrike Falcon and CrowdStrike Threat Graph are marks owned by CrowdStrike, Inc. and registered with the United States Patent and Trademark Office, and in other countries. CrowdStrike owns other trademarks and service marks, and may use the brands of third parties to identify their products and services.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605395931/en/
Media Contact
Jake Schuster
CrowdStrike Corporate Communications
press@crowdstrike.com
Source: CrowdStrike
FAQ
What is CrowdStrike Falcon for Insurability?
How does Falcon for Insurability improve cyber insurance eligibility?
Which insurers are partnered with CrowdStrike's Falcon for Insurability program?
How effective is CrowdStrike's Falcon platform in threat detection?
What advantages does the Falcon platform offer in terms of investigation speed?
What are the benefits for businesses using Falcon for Insurability?
What challenges does Falcon for Insurability address for cyber insurers?
