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Cloudflare Helps Businesses Manage Their Cyber Risk; Announces Partnerships with Leading Cyber Insurers and Incident Response Providers
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Rhea-AI Summary
Cloudflare (NYSE: NET) has partnered with leading cyber insurance companies to provide better access and rates for businesses of all sizes. Customers using Cloudflare to secure their websites and networks can qualify for discounts from providers like At-Bay and Cowbell Cyber. This initiative comes as cyber insurance demand surges, with premiums rising over 25% in 2021. In Q3 2021, Cloudflare mitigated one of the largest DDoS attacks recorded, further enhancing its appeal to insurers. Collaborations with incident response firms aim to streamline support for companies under attack.
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Partnership with leading cyber insurance companies enhances accessibility and rates for Cloudflare customers.
Eligible customers can receive discounts for using Cloudflare's security services.
Mitigated one of the largest DDoS attacks, proving the effectiveness of Cloudflare's offerings.
Working with incident response providers improves support for customers during cyberattacks.
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Now organizations of any size can qualify for better cyber insurance access and rates just for being Cloudflare customers
SAN FRANCISCO--(BUSINESS WIRE)--
Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, 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. Cloudflare also announced new relationships with prominent incident response providers CrowdStrike, Mandiant, and Secureworks, enabling them to rapidly refer companies under attack.
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, some 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. As a result, a new generation of insurance startups has arisen over the past five years to rethink how cyber risk is underwritten, infusing security expertise into the insurance product.
“We’re helping protect millions of organizations every day, and cyber insurers understand the benefit that brings to keeping a company protected online,” said Matthew Prince, co-founder and CEO of Cloudflare. “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.
“An insurance policy is an effective tool to articulate the impact of security choices on the financial risk of a company. By offering better pricing to companies who implement stronger controls, like Cloudflare’s Comprehensive DDoS Protection, we help customers understand how best to reduce risk,” said Rotem Iram, co-founder and CEO of At-Bay. “Incentivizing our customers to adopt innovative security solutions like Cloudflare, combined with At-Bay’s free active risk monitoring, has helped reduce ransomware in At-Bay’s portfolio 7x below the market average.”
“It’s incredible what Cloudflare has done to create a safer Internet. When Cloudflare’s technology is paired with insurance, we are able to protect businesses in an entirely new way,” said Joshua Motta, Co-founder & CEO, Coalition. “We are 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 always-on insurance policy.”
“We are excited to work with Cloudflare to address our customers’ cybersecurity needs and help reduce their cyber risk. Collaborating with cybersecurity companies like Cloudflare will definitely enable a more data-driven underwriting approach that the industry needs,” said Nate Walsh, Head of Strategic Partnerships at Corvus Insurance.
“The complexity and frequency of cyberattacks 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.
When a business is under attack every minute is important. Incident response companies work hard to get a network back online or restore traffic to a website after an attack. To make that process easier and faster, Cloudflare is partnering with CrowdStrike, Mandiant, and Secureworks to enable rapid referral of organizations under attack.
“The speed in which a company is able to identify, investigate and remediate a threat heavily determines how it will fare in the end,” said Thomas Etheridge, senior vice president of CrowdStrike Services. “Our partnership with Cloudflare provides companies the ability to take action rapidly and contain exposure at the time of an attack, enabling them to get back on their feet and return to business as usual as quickly as possible.”
“As cyber threats continue to rapidly evolve, the need for organizations to put response plans in place increases. Together, Mandiant and Cloudflare are enabling our mutual customers to mitigate the risk breaches pose to their business operations. We hope to see more of these much-needed technology collaborations that help organizations address the growing threat of ransomware and DDoS attacks in a timely manner,” said Marshall Heilman, EVP & Chief Technology Officer, Mandiant.
“Secureworks’ proactive incident response and adversarial testing expertise combined with Cloudflare’s intelligent global platform enables our mutual customers to better mitigate the threats of sophisticated cyberattacks,” said Chris Bell, Vice President, Strategic Alliances, Secureworks. “This partnership is a much needed approach to addressing advanced cyber threats with speed and automation.”
Learn more about how to take advantage of the insurance discounts or benefits as a customer or, if you’re a cyber insurance provider, get in contact with us to learn how we can work together. For additional resources, check out the 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 Internet application online without adding hardware, installing software, or changing a line of code. Internet properties powered by Cloudflare have all web traffic routed through its intelligent global network, which gets smarter with every request. As a result, they see significant improvement in performance and a decrease in spam and other attacks. Cloudflare was named to Entrepreneur Magazine’s Top Company Cultures 2018 list and ranked among the World’s Most Innovative Companies by Fast Company in 2019. Headquartered in San Francisco, CA, Cloudflare has offices in Austin, TX, Champaign, IL, New York, NY, San Jose, CA, Seattle, WA, Washington, D.C., Toronto, Lisbon, London, Munich, Paris, Beijing, Singapore, Sydney, and Tokyo.
Forward-Looking Statements
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 substantial risks and 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,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern 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, but are not limited to, statements regarding the potential discounts and other benefits from insurance providers to Cloudflare’s customers as a result of using Cloudflare products, the potential benefits of cyber insurance to Cloudflare’s customers and the costs and requirements from cyber insurers that may apply to Cloudflare’s customers, the potential benefits to Cloudflare’s customers from incident response providers when Cloudflare’s customers are under attack, the expected functionality and performance of Cloudflare products and technology when customers are onboarded onto the Cloudflare platform, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO 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, risks detailed in Cloudflare’s filings 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 that we may make from time to time with the SEC.
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.
