As small businesses are increasingly exposed to cyber attacks but often lack dedicated IT security or resources to implement robust precautions, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty® (AGCS) has teamed up with Silicon Valley-based software company Zeguro, whose mission is to simplify and streamline cyber security and risk management in small to medium-sized businesses (SMBs). Through its easy-to-use platform, Zeguro will serve as a virtual Chief Information Security Officer (CISO) to those who purchase Allianz’s cyber insurance coverage to further manage their cyber exposure and decrease the overall risk of financial loss following a cyber attack. This benefit will initially be available to U.S. clients, only.
“It is no secret that small businesses are prime targets for cyber criminals, as most do not have the knowledge or resources to protect themselves against evolving threats,” stated Jenny Soubra, U.S. Head of Cyber for AGCS. “By partnering with Zeguro, our small business clients will have the benefit of even stronger and tailored security recommendations as well as training for their employees, available in a clear and easy-to-use format.”
According to the Ponemon Institute’s 2017 State of SMB Cybersecurity Report, hackers have breached 54 percent of all small businesses in the U.S., up from 50 percent last year. These smaller to medium-sized businesses, which often don't have the revenue to afford their own IT departments, are especially susceptible to phishing attacks via email or fraudulent activity happening in their e-commerce storefronts.
Specifically, with Zeguro's risk management platform, AGCS clients will have complete control and oversight of their digital world, thus removing the burden and time needed to continually manage cyber risks associated with business technology, people and processes. This is done via a modern and simple interface that guides clients through any areas of concern, while training its employees on best practices.
“Cyber attacks can be catastrophic to small businesses,” stated Sidd Gavirneni, CEO & Co-Founder of Zeguro. “Having access to Zeguro - via Allianz - constantly monitoring systems, training employees as well as proactively mitigating risks, gives peace of mind to these entrepreneurs.”
In 2016, AGCS introduced its next generation cyber and professional liability coverage product called ACCEPT Protect® designed exclusively for the North American market. Featuring a streamlined form structure with flexible terms, ACCEPT Protect is the first of its kind, offering individual or blended solutions for emerging threats across the Cyber, Media, Technology and Miscellaneous Errors & Omissions (E&O) markets.
“We want our customers to focus on growing their business while knowing that their assets are safe, secure and covered by the most innovative cyber and professional liability offering available today,” added Soubra.