Cyber Insurance Coverage Silverfort attacks and data breaches have become increasingly common in recent years. As more business activities move online, companies have larger digital footprints and more valuable data that is attractive to cybercriminals. High-profile breaches at large corporations have brought attention to the rising costs of cyber attacks. But businesses of all sizes are vulnerable. A 2019 Hiscox study found that over 60% of small and medium businesses experienced a cyber attack. As a result, demand for cyber insurance has surged. Cyber insurance policies help offset costs if a business experiences a data breach, malware attack, or other cyber incident. Policies may cover expenses like forensic investigations, legal liabilities, crisis management services, and lost income during downtime. With attacks becoming more frequent and costly, Cyber Insurance Coverage Silverfort has shifted from a niche offering to a necessity for many companies.
What is Silverfort?
Silverfort is an Israeli cybersecurity startup founded in 2016. The company focuses on providing agentless authentication and authorization solutions to secure enterprise identities, devices, and data.
Silverfort was founded by Hed Kovetz, CEO, and Didi Dayan, CPO. The founders have extensive experience in cybersecurity, with backgrounds from the Israeli Intelligence Corps and leadership roles at other security startups.
Silverfort’s platform uses patented technology to provide visibility and control across enterprise assets without requiring agents. Their solutions aim to empower organizations to protect identities, devices, networks, and data from compromise.
Some key capabilities offered by Silverfort include:
- Unified visibility and control over users, devices, and sessions
- Agentless multi-factor authentication
- Micro-segmentation for dynamic network access control
- Encryption to protect sensitive data
- Automated response and remediation of threats
Silverfort touts its platform as easy to deploy, requiring no changes to existing IT infrastructure. Their solutions integrate with common identity providers and can enhance an organization’s cybersecurity posture across cloud, hybrid, and on-premises environments.
The company markets primarily to mid-market and enterprise customers worldwide. Key industries served include financial services, healthcare, retail, government, and more.
Silverfort’s Approach
Silverfort takes a unique approach to cybersecurity that focuses on protecting identities and preventing identity-based attacks. Unlike traditional endpoint protection solutions that rely on agents, Silverfort uses an agentless approach that eliminates the attack surface and performance impact caused by agents.
The core of Silverfort’s technology is its identity-centric IAM platform that provides visibility and control over identities across IT environments. The platform auto-discovers all managed and unmanaged identities including service accounts, IoT devices, and more. It analyzes entitlements and access permissions to identify identity risks.
A key capability of the platform is thwarting identity-based attacks like credential theft, account takeover, privilege escalation, and lateral movement. It does this by verifying identities and enforcing adaptive authentication and authorization policies. For example, anomalous activity like unusual login locations can trigger step-up authentication or restrict access.
By securing identities rather than infrastructure, Silverfort provides comprehensive protection across multi-cloud and hybrid environments. Its agentless approach eliminates the need to install and maintain agents across endpoints and servers. This removes an attack vector while improving performance.
The identity-centric approach combined with the agentless architecture allows Silverfort to provide enterprise-grade security with a quick and simple deployment. Organizations can implement core identity protection rapidly without disrupting operations.
Silverfort’s Cyber Insurance Offering
Silverfort partners with leading Cyber Insurance Coverage Silverfort providers to offer comprehensive policies tailored to an organization’s specific security posture and risks.
A key benefit is that Silverfort can conduct automated risk assessments of an organization’s infrastructure and configurations. This allows them to identify vulnerabilities and provide the insights needed to underwrite cyber insurance policies with accurate premiums.
Based on the risk assessment, organizations can qualify for significant premium discounts on their cyber insurance. By implementing Silverfort’s recommended security controls and remediating any issues discovered, companies can further optimize their premiums.
The policies available cover a wide range of cyber incidents including data breaches, business interruptions, cyber extortion, and more. The coverage limits are designed to adequately protect organizations from major financial losses due to cyber-attacks.
Silverfort’s partnerships with top-rated insurers means policies are backed by expert claims teams. The claims process is streamlined allowing fast access to coverage after an incident.
Overall, Silverfort enables organizations to get the most tailored and cost-effective cyber insurance coverage possible. By leveraging Silverfort’s technology and risk expertise, companies can confidently mitigate risks knowing they have a policy in place to cover cyber incidents.
Coverage Highlights
Cyber Insurance Coverage Silverfort policies provide comprehensive coverage for today’s most prevalent cyber threats. Key coverages include:
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Identity-based attacks – Coverage for social engineering losses, business email compromise, impersonation fraud, and more resulting from stolen credentials.
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Ransomware – Protection against ransomware attacks, including coverage for extortion payments and data restoration costs.
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Distributed denial-of-service (DDoS) – Safeguards against DDoS attacks designed to disrupt network availability and operations.
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Data breaches – Coverage for costs associated with data breaches, including notification expenses, credit monitoring, forensic investigations, PR services, and legal fees.
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Cybercrime – Protection against direct losses due to hacking, malware, and other cyber attacks targeting systems or data.
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Cyber extortion – Coverage for threats to damage systems or reveal data unless extortion demands are met.
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Bricking – Protection for “bricking” of IoT devices through malware or failed firmware updates.
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Reputation harm – Coverage for lost income and brand reputation damage resulting from cyber incidents.
With comprehensive policies from Silverfort, organizations can safeguard against the full range of cyber risks facing modern businesses. Key coverages provide protection at every stage – before, during, and after an attack.
Policy Management Portal
Silverfort’s policy management portal provides customers with an easy way to monitor and manage their cyber insurance coverage. The intuitive dashboard displays key information about your policy, recommends ways to strengthen your security posture, and assists with the claims process.
The dashboard gives you real-time visibility into the health of your IT infrastructure and compliance with policy requirements. It tracks security configurations, vulnerabilities, endpoint security, user behaviors, and more. Leveraging this data, you receive actionable recommendations on improving your cyber risk profile.
For example, the system may detect unpatched devices or unprotected endpoints and suggest remedial steps. Implementing these recommendations can potentially lower your insurance premiums. The portal also generates reports to verify compliance with policy provisions for audits or claims.
Overall, Silverfort’s portal simplifies cyber insurance by providing monitoring, analysis, and recommendations from one centralized interface. The insights help you proactively improve your security and get the most value from your policy.
Recommended Policies
Silverfort offers three tiers of cyber insurance policies – Bronze, Silver, and Gold – to provide the right level of protection for organizations of different sizes and risk profiles.
Bronze
The Bronze policy provides up to $1 million in coverage and is ideal for small businesses and startups. It covers:
- Data breach response costs
- Cyber extortion
- Security breach liability
- Online media liability
- Cybercrime
- Bricking
With the Bronze policy, you receive access to Silverfort’s incident response team and resources to help minimize damages in the event of a cyber attack.
Silver
The Silver policy provides up to $5 million in coverage and is designed for mid-sized organizations. It includes all the coverage of the Bronze policy plus:
- System failure
- Dependent business interruption
- Cyber terrorism
The higher coverage amount accounts for the increased risk and potential costs of a cyber incident for a larger organization. Silverfort’s experts can quickly investigate, respond, and mitigate damages to get your business back up and running.
Gold
The Gold policy provides up to $10 million in coverage for large enterprises. It covers:
- All the coverage in Bronze and Silver policies
- Bodily injury and property damage
- Payment card industry (PCI) fines
- Media liability
In addition, Gold policyholders receive access to Silverfort’s Incident Response Retainer services for immediate expert help in the event of a cyber attack. With the highest level of coverage, enterprises can ensure they are protected from the extensive financial damages a cyber incident could cause.
The tiered policies allow organizations to select the right level of coverage for their unique needs and budget. Silverfort’s cyber insurance policies provide comprehensive protection paired with expert incident response services.
Claims Process
Filing a claim with Cyber Insurance Coverage Silverfort is straightforward. Simply log in to your policy management portal and select “File a Claim”. You’ll be asked to provide details about the incident, such as date and time, affected systems, estimated costs, and mitigation steps taken.
Silverfort aims to respond to all claims within 24 hours. A claims specialist will be assigned to you to oversee the process from start to finish. They will investigate the claim, determine coverage based on your policy, and coordinate with any outside forensic firms or legal counsel if needed.
The claims specialist will provide regular status updates throughout the process. Most claims are resolved within 30 days, however, more complex cases involving legal action or negotiations with 3rd parties may take longer.
Rest assured Silverfort has experience handling all types of cyber incidents from ransomware to data breaches. Their claims team follows best practices to respond quickly and minimize business disruption. With prompt notification and cooperation from the insured, Silverfort can expedite reimbursement for covered losses so you can focus on recovery.
Filing a claim does not impact your premiums or eligibility for future coverage. Silverfort’s goal is to provide a smooth, transparent claims process so you can get back to business as usual.
Costs
Silverfort’s cyber insurance policies are designed to be affordable for most organizations. Here are some details on pricing:
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Premiums – Premiums start around $1,000 per year for $1 million in coverage, though pricing depends on your company’s size, industry, revenue, and risk profile. More coverage can be purchased for higher premiums.
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Discounts – Discounts on premiums may be available for companies that have implemented certain cybersecurity controls and measures. Taking steps to reduce your cyber risk can lower insurance costs.
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Options to Lower Costs – Higher deductibles and lower coverage limits can reduce premiums. Excluding certain optional coverages like cyber extortion or data restoration can also decrease costs. Weigh the tradeoffs as you select a policy.
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Bundled Options – Purchasing cyber insurance bundled with other policies like business liability or property insurance may provide a multi-policy discount. Check if your current insurer offers cyber coverage.
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Payment Plans – Annual, semi-annual, and sometimes quarterly payment plans spread out costs over time. Monthly installments may also be available.
Silverfort aims to provide comprehensive and customizable cyber insurance at competitive rates for organizations of all sizes.
Conclusion
Silverfort’s cyber insurance policies provide organizations with comprehensive coverage and support for cyber incidents. By partnering with Silverfort, companies gain access to leading cybersecurity technology and expertise to both prevent and respond to attacks.
Some of the key benefits of Cyber Insurance Coverage Silverfort include:
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Broad coverage for costs associated with data breaches, cyber extortion, business interruption, and more. Policies cover first and third-party costs.
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Access to Silverfort’s advanced endpoint detection and response platform. This technology helps stop attacks and minimizes potential damages.
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A user-friendly policy management portal for accessing documents, submitting claims, and tracking incidents.
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Fast and efficient claims processing with an experienced team. Silverfort works closely with partners to promptly investigate and resolve incidents.
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Customizable coverage options to meet each company’s specific risks and needs. Policies can be tailored to the industry and size of the business.
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Proactive services like cybersecurity training for employees, vulnerability assessments, and incident response planning. This helps mitigate risk.
By leveraging Silverfort’s technology and insurance expertise, organizations gain comprehensive protection and support for tackling today’s cyber threats. The combination of robust security and insurance equips companies to both prevent and recover from attacks.