SAN FRANCISCO, CA – October 5, 2016 – CoverHound, an insuretech company specializing in helping customers compare and purchase property and casualty insurance policies, will now move into the cybersecurity and cyber insurance industry with a new platform that offers comprehensive solutions to help businesses protect against cyber threats.
Today CoverHound is launching CyberPolicy.com, which will help small businesses protect their business from security breaches using a three-pronged approach: offering cybersecurity tools and cyber insurance policies in one bundled purchase, providing an online repository of educational content to help customers learn about cyber risks and guiding them through the process to create a cyber prevention plan.
While other websites offer one or two of these services, and are typically aimed at large businesses, CyberPolicy is the only site to offer a comprehensive solution, combining planning advice, protection tools and cyber insurance, to small businesses of 15 or fewer employees. With licensed advisors on hand to recommend the right cybersecurity and cyber insurance, CyberPolicy provides a curated choice of products at a cost that fits a small business budget — as little as $150 a year (or $0.40 a day). Further, small businesses can typically find and purchase the bundled product on CyberPolicy.com in less than four minutes. The site will eventually expand to cover larger businesses.
Small businesses need cyber protection, too
Awareness surrounding the need for strong cybersecurity programs has increased in recent years, due to well-publicized cyberattacks at major companies with millions of customers. But small businesses often see themselves as too insignificant to attract such attacks or believe that a security breach would have little effect on their business.
However, according to a recent study on cyber risk for small businesses, conducted by the University of Connecticut’s Goldenson Center for Actuarial Research, half of all small businesses have been the victims of cyberattacks. Of those businesses attacked, 93% have been negatively affected — with 60% closing within six months. Yet only 3% of small businesses have cyber insurance policies in place. CyberPolicy is there to make sure small businesses are protected from costly security breaches that can disrupt their operations.
CyberPolicy provides small businesses a product that’s unique on the market, initially bundling cyber insurance policies from Chubb, a leading global insurance company, and cybersecurity tools from Norton by Symantec. More leading cyber security providers and top insurers with cyber insurance expertise will join in coming months. Seven cyber insurance coverages are available: data breach liability, identity recovery, computer attack, cyber extortion, network security liability, data breach response expenses and electronic media liability. To help customers further navigate the world of cybersecurity, the site includes frequently updated expert content for understanding and avoiding cyber breaches.
“Small businesses are often the most vulnerable to cyber breaches. CyberPolicy offers these customers comprehensive cyber protection, unprecedented affordability and ease of use. Our goal is to be a trusted advisor for curated choice that businesses can turn to for help in keeping their websites and online identities safe,” says CoverHound CEO Keith Moore.
“Small businesses are more exposed to cyberattacks than large blue chip companies,” said Fran Rosch, Executive Vice President and General Manager, Norton. “We are thrilled to partner with CoverHound and Chubb to provide small businesses peace of mind with CyberPolicy, which contains our award-winning Norton security product for small business owners. It is exciting for Norton to play a part in providing a unique and pioneering cyber insurance solution that will make it easier for businesses to protect against global emerging threats, as well as mitigate their impact."
“Chubb has been a pioneer and leader in helping businesses face increasingly complex cyber risks for nearly 20 years. We look forward to helping CyberPolicy provide carefully crafted cyber insurance solutions to meet the needs of small business customers,” says Matt Prevost, Vice President, Cyber Product Line Manager at Chubb. “As an independent agency focused on distribution through digital channels, CoverHound is a strong partner for Chubb and an important addition to the cyber insurance marketplace, which is focused on providing protection for businesses of all sizes.”
About CyberPolicy.com CyberPolicy is a one-stop shop to help businesses protect against cyber risks. Using CyberPolicy’s unique tools, businesses can create a customized cybersecurity plan, before comparing and purchasing cybersecurity tools and the best available cyber insurance online — typically in less than four minutes. As a trusted advisor for curated choice, CyberPolicy offers affordable solutions from reputable technology and insurance leaders, who are skilled at managing cyber threats. CyberPolicy, Inc is a wholly owned subsidiary of CoverHound, Inc.
About CoverHound CoverHound is an insuretech company for consumers and businesses to easily compare and purchase insurance, built to deliver fast, accurate and actionable rates from leading US carriers based on their specific needs. Some of the top carriers include Chubb, Liberty Mutual, Hiscox, Progressive, Berkshire Hathaway Direct, Safeco, The General, Mercury, Hartford Steam Boiler, MetLife and others to offer the most competitive rates in 50 states. Developed by a team with deep insurance and online financial services experience, CoverHound is dedicated to providing the best in class customer experience.