This Insurance Company Wants to Fight Cyberattacks
The battle against cyberattacks isn’t easy. It’s a hard fought, ever-changing challenge. In order to solve the issue, we need innovative solutions. One insurance company thinks they have the answers.
Protocol interviewed Rotem Iram, co-founder and CEO of At-Bay, an insurance provider with an interesting twist: At-Bay isn’t a traditional insurance company, rather, it is a cyber insurance provider. At-Bay believes ransomware is the “biggest digital threat to American businesses,” and accounted for roughly 60% of 2020 US insurance claims. Iram discussed the state of cybersecurity, and how companies like his can help.
For starters, Iram pointed to the fact that most cybercriminals aren’t sophisticated. You might imagine these hackers to be extraordinary, have financial backing and excellent equipment, and be pushing the envelope in every way. Not so much. The reason many of these hackers are so successful is because they’re using the same tried-and-true hacking methods that have worked before. Knowing that gives companies a leg to stand on when developing strategies to fight against cyberattacks.
At-Bay has an aggressive stance when it comes to cybersecurity. They don’t claim to help you if you’re attacked: They aim to stop cyberattacks from occurring in the first place. They use the hackers’ skills against them, spotting potential targets before attackers can reach them. At-Bay looks for vulnerabilities in their clients’ systems, determines whether it makes for an easy-in for hackers, and plugs the hole before things go too far. The goal is to catch four out of five attacks, and to quickly put out any fires in the fifth.
Time will tell if At-Bay will be able to pull these ambitious plans off. If they can manage it, however, it will be a huge step forward in cybersecurity and cyberattack prevention. At-Bay also hopes their insurance experience will be part of the solution.