ePlus Launches Suite of Security Services to Address Cyber Insurance Requirement Concerns

Rhea-AI Summary

ePlus (NASDAQ: PLUS) has launched a suite of Cyber Services to assist organizations with compliance to stringent cyber liability insurance standards. Announced during National Cyber Security Awareness Month, these services aim to fill security gaps that could affect insurability or premium costs. Key offerings include Cyber Insurance Consulting, Ransomware Preparedness Assessment, Incident Response Services, Cloud Managed Backup, and Managed Security Services. As ransomware claims account for 75% of cyber insurance filings, ePlus' services help clients better prepare and qualify for coverage while managing rising premiums, which have surged 30-50% recently.

Positive

• Launch of Cyber Services suite addressing cyber liability insurance needs.
• Includes a comprehensive range of services enhancing clients' security posture.
• Positioning against rising insurance premiums and stringent coverage requirements.

Negative

• None.

HERNDON, Va., Oct. 21, 2021 /PRNewswire/ -- ePlus inc. (NASDAQ NGS: PLUS – news) today announced that it has launched a suite of security services to help organizations address requirements relating to increasingly stringent cyber liability insurance standards.

Announced during National Cyber Security Awareness Month, ePlus' suite of Cyber Services is designed to help remedy security posture gaps that may hinder insurability or lead to rising premium costs.  Focusing on prevention, the Services offer varying engagement levels, ranging from vulnerability identification or preparedness assessments to full-on liability consulting and incident response, helping put organizations in a stronger position to meet new, emerging and stricter requirements.

ePlus Cyber Services include:

• Cyber Insurance Consulting: Helps evaluate mandates from cyber insurers and guides organizations toward security frameworks expected by providers of cyber liability insurance.
• Ransomware Preparedness Assessment: Helps ensure an organization is able handle a potential Ransomware event from a technical perspective.
• Incident Response Services: Assists in defining business processes and minimizing potential exposure in the event of an incident. ePlus offers both real-time point engagements and retainer-based services to facilitate priority, rapid response.
• Cloud Managed Backup: Fully manages the backup and recovery environment along with regular testing so organizations can more quickly recover when disaster strikes.
• Managed Security Services: Ensures continuous monitoring and security operations for organizations with Managed Detection and Response, Automated Security Operations, Log Aggregation, Correlation and Compliance.

As the prevalence of ransomware attacks increases, cyber insurance coverage requirements are growing, along with the cost to maintain policies. A recent study reported that insurance rates have increased between 30-50 percent across the board¹, and a June 2021 Market Segment Report states that ransomware now accounts for 75 percent of all cyber insurance claims². Focusing efforts around preparedness, backup, recovery and other areas evaluated by insurance brokers could be the difference between coverage or no coverage or cost of premiums.

"Insurance brokers are raising the standards organizations must meet to qualify for coverage, evaluating against criteria from preparation and overall security posture, to recoverability and incident response mechanisms," said Lee Waskevich, vice president, security solutions at ePlus. "The suite of ePlus Cyber Services are architected with these higher standards in mind, helping organizations to remedy gaps and address market concerns that raise the bar on their overall security posture. These efforts leave them better prepared to defend against attacks and put them in a stronger position to qualify for insurance coverage."

For more information on ePlus Cyber Services, visit www.eplus.com/cyber-insurance-services.

Source:
¹ Aon PLC, 2021  
² AM Best's Market Segment Report, June 2021

About ePlus inc.

ePlus is a leading consultative technology solutions provider that helps customers imagine, implement, and achieve more from their technology.  With the highest certifications from top technology partners and lifecycle services expertise across key areas including security, cloud, data center, collaboration, networking and emerging technologies, ePlus transforms IT from a cost center to a business enabler.  Founded in 1990, ePlus has more than 1,500 associates serving a diverse set of customers in the U.S., Europe, and Asia-Pac.  The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171.  For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com.  Connect with ePlus on Facebook, LinkedIn, Twitter and Instagram.  ePlus, Where Technology Means More^®.

ePlus^®, Where Technology Means More^®, and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.  The names of other companies, products, and services mentioned herein may be the trademarks of their respective owners.

Statements in this press release that are not historical facts may be deemed to be "forward-looking statements."  Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, the duration and impact of COVID-19 and the efficacy of vaccine roll-outs, which could materially adversely affect our financial condition and results of operations and has resulted worldwide in governmental authorities imposing numerous unprecedented measures to try to contain the virus that has impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners; national and international political instability fostering uncertainty and volatility in the global economy including an economic downturn, an increase in tariffs or adverse changes to trade agreements, exposure to fluctuation in foreign currency rates, interest rates and downward pressure on prices; our ability to successfully perform due diligence and integrate acquired businesses; the possibility of goodwill impairment charges in the future; reduction of vendor incentive programs; significant adverse changes in, reductions in, or losses of relationships with one or more of our largest volume customers or vendors; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans to achieve customer account coverage for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; our ability to reserve adequately for credit losses; our ability to secure our electronic and other confidential information or that of our customers or partners and remain secure during a cyber-security attack; future growth rates in our core businesses; our ability to protect our intellectual property; the impact of competition in our markets; the possibility of defects in our products or catalog content data; our ability to adapt to changes in the IT industry and/or rapid change in product standards; our ability to realize our investment in leased equipment; our ability to hire and retain sufficient qualified personnel; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission.  All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

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SOURCE ePlus inc.

FAQ

What services does ePlus (NASDAQ: PLUS) provide to address cyber insurance requirements?

ePlus offers a suite of Cyber Services, including Cyber Insurance Consulting, Ransomware Preparedness Assessment, Incident Response Services, Cloud Managed Backup, and Managed Security Services.

When was the suite of Cyber Services launched by ePlus (NASDAQ: PLUS)?

The suite was announced on October 21, 2021, during National Cyber Security Awareness Month.

Why are ePlus' Cyber Services important for organizations?

These services help organizations comply with increasingly strict cyber liability insurance standards, potentially reducing costs and ensuring coverage.

How much have cyber insurance premiums increased recently?

Cyber insurance rates have reportedly increased between 30-50% across the board.

What percentage of cyber insurance claims are related to ransomware according to ePlus (NASDAQ: PLUS)?

Ransomware accounts for 75% of all cyber insurance claims.