Microsoft announced a new partnership with cyber insurance company At-Bay.
On October 1st, It will allow companies that are certified Microsoft 365 customers to carry out “savings on their At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multi-factor authentication and Microsoft Defender for Office 365.”
This comes at a time when Microsoft wants to help the insurance industry “create superior and data-driven cyber insurance products backed by Microsoft’s security solutions.”
At-Bay said that their insureds are seven times less likely to experience a cyber security incident compared to the industry average.
Microsoft said that At-Bay’s portfolio companies have all experienced increased cybersecurity, thanks to the incentives provided by At-Bay, including improved policy conditions and pricing.
Microsoft notes that it will work with At-Bay to find other ways in which customers can limit their risk-taking and proactively address vulnerabilities.
Ann Johnson, Microsoft’s Corporate Vice President of Security, Compliance & Identity Business Development, added that for cyber insurance to play a meaningful role in overall risk management, buyers and sellers need to know what the cyber insurance industry covers.
For more information, read the original story in ZDNet.