At-Bay Helps Large Nonprofit Improve Security Posture and Unlock Comprehensive Cyber Coverage
After this large nonprofit organization experienced a delay in renewal quoting from its previous cyber insurance provider, At-Bay stepped in to offer a competitive premium on a Cyber insurance policy and helped the organization improve its security posture to unlock full ransomware coverage.
Overview
A large, well-established nonprofit focused on child welfare came to the market after experiencing a delay in renewal quoting from its incumbent cyber insurance provider.
Not only was At-Bay able to offer the nonprofit a very competitive premium on a Cyber insurance policy with a high aggregate limit, we were also able to help the organization improve its security in order to qualify for full ransomware coverage. This resulted in the company getting better coverage for a competitive premium while reducing its overall cyber risk.
Unexpectedly in the Market
Previously, the nonprofit had cyber insurance coverage with a legacy carrier. That carrier was unable to process its policy renewal in a timely manner so rather than waiting around and risking lack of coverage, the nonprofit approached the market to look for better terms.
Unlocking Better Coverage
In addition to being an AWS customer with strong email security controls and cloud backups, the organization had a significant IT budget with multiple full-time IT employees. However, at the time of seeking a new insurance policy, the company lacked certain security controls that are highly recommended by At-Bay and are required to obtain full ransomware coverage.
Fortunately, At-Bay is willing to work with applicants to help them resolve security issues so they can unlock full coverage at the best rates. After binding an At-Bay Cyber insurance policy with a ransomware sublimit, the nonprofit partnered with our Security team to further bolster its security and fulfill At-Bay’s requirements to unlock ransomware coverage up to the total policy aggregate limit.
Meeting the Needs of a Growing Company
This large nonprofit organization has been in operation for decades and was expecting significant growth in the year it was seeking a new cyber insurance policy. But even with growth on the horizon, budgets are often tight for nonprofits. This organization needed to find the most cost-effective insurance solution so that it could focus more of its resources on delivering on its mission.
Not only was At-Bay able to provide the nonprofit with the cyber coverage it needed at a lower price than it had been paying before, we also helped the organization improve its security posture to qualify for full ransomware limits despite not initially qualifying for that coverage.
About At-Bay
At-Bay is the world’s first InsurSec provider designed from the ground up to help businesses tackle cyber risk head on. By combining industry-leading insurance with world-class cybersecurity technology, At-Bay offers end-to-end prevention and protection for the digital age. At-Bay helps its 30,000+ customers close their security technology and skills gap — all through their Cyber insurance policy — making them up to 5X less likely to be hit with a ransomware attack as compared to the industry average.* At-Bay offers Cyber, Tech E&O, and Miscellaneous Professional Liability (MPL) policies.
* Frequency Based on Primary and Excess Cyber and Tech Errors & Omissions losses reported and exposure earned through 9/30/2022, evaluated as of 10/1/2022, and 2020-2021 industry analysis.