New Email Security Solutions from InsurSec Leader At-Bay Help Eliminate Financial Fraud Claims

At-Bay’s proprietary Fraud Defense solution, available with every Cyber and Tech E&O policy, stops email-based fraud and can unlock up to double the financial fraud coverage sub-limits; with At-Bay MDR for Email, businesses can boost their financial fraud sub-limits up to $1 million

Key News Highlights

• At-Bay introduces two new InsurSec solutions to uniquely fight the leading driver of cyber claims - email-based fraud.
• Financial fraud led to $2.7Bn in losses in 2023 (FTC), and based on At-Bay claims data, 9 of 10 of financial fraud incidents started with email.
• At-Bay Fraud Defense leverages AI and proprietary risk data to identify anomalous behaviors and prevent email-based fraud attacks. Businesses that adopt Fraud Defense can unlock up to $500k in financial fraud sub-limits, which is double the industry standard.
• At-Bay Managed Detection and Response (MDR) for Email is a premium email security solution that goes even further, offering advanced email security for all types of email attacks, including financial fraud, and is coupled with 24x7 monitoring and response from At-Bay’s managed security team.
• Businesses who use At-Bay MDR for Email can unlock financial fraud sub-limits of up to $1M, which is 4X what is typically offered in the industry.

SAN FRANCISCO: At-Bay, the InsurSec provider for the digital age, today announced the launch of two new InsurSec solutions that unlock significantly higher Financial Fraud coverage sub-limits1 for businesses with revenue up to $5B. At-Bay Stance Fraud Defense, a new proprietary email security solution, is uniquely designed to identify and stop email-based fraud attacks, which most of today's email security solutions do not detect. Available with every Cyber and Tech E&O policy placed by At-Bay, eligible businesses who adopt the solution can unlock up to $500K in financial fraud sub-limits. At-Bay Stance Managed Detection and Response (MDR) for Email goes even further, offering an advanced email security solution that combines Stance Fraud Defense with an AI-powered cloud security solution that is fully managed and monitored 24/7 by At-Bay’s managed security team. Customers with policies placed by At-Bay who adopt Stance MDR for Email could increase their financial fraud coverage sub-limits up to $1M.

“This is a major innovation in cyber insurance,” said Ken Riegler, President of At-Bay Insurance. “Financial fraud continues to be the biggest driver of losses among mid-market and small businesses, and 9 of 10 of these incidents happen via email2. In the most severe cases, over $5M in funds have been stolen. Recognizing that current industry sub-limits are leaving businesses without crucial protection, we developed two new InsurSec solutions that help to combat financial fraud and unlock better coverage.”

Key Product Highlights

At-Bay Stance Fraud Defense

• Proprietary email security solution trained on real-world claims data to detect and prevent financial fraud threats in real-time that traditional email security solutions do not detect.
• Available with every Cyber and Tech E&O policy placed by At-Bay, at no additional cost.
• Seamless activation in minutes via At-Bay Stance, the unified security platform that manages cyber risk across all major security domains.
• With the addition of Fraud Defense, At-Bay Stance now mitigates cyber risks associated with 86%3 of customer claims.
• Can unlock up to $500K in financial fraud coverage sub-limits for eligible policyholders, double what is typically offered by the insurance industry.

At-Bay Stance MDR for Email

• Combines an AI-powered modern cloud email security solution, with At-Bay’s Fraud Defense technology and expert security operations team, to monitor and respond to new threats in a customer’s email environment 24/7.
• At-Bay MDR for Email is more powerful than a traditional email security solution, helping to reduce 98% of email-based attack risk4.
• Available to purchase from At-Bay Security, with or without an insurance policy placed by At-Bay.
• Businesses that adopt the solution can unlock financial fraud coverage sub-limits of up to $1M.

To learn more about At-Bay’s two new InsurSec solutions, follow the links below:

• At-Bay Stance Fraud Defense
• At-Bay Stance MDR for Email

To learn about how significant of a threat financial fraud is to businesses, read:

• At-Bay’s 2024 InsurSec Rankings Report - Email Security and Financial Fraud

About At-Bay

At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance, At-Bay was designed from the ground up to empower businesses of every size to meet cyber risk head-on. At-Bay Insurance Services, LLC provides insurance protection and security prevention solutions to close to 40,000 businesses in the US, safeguarding up to $800B in collective business revenue, and offers coverage by non-admitted insurers for Cyber, Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL). The At-Bay Group also includes an active full-stack insurance company and a cybersecurity company. At-Bay Security offers proprietary cybersecurity solutions including At-Bay Stance Managed Detection & Response (MDR).

1Eligibility, rules, and limitations will vary.
2At-Bay 2024 InsurSec Rankings Report - Email Security & Financial Fraud
3At-Bay internal claims data, evaluating first-party security risks
4Based on At-Bay Cyber Claims data experience as of Q3 2024

Fonte: Business Wire