High Wire Networks, Inc., a global provider of managed cybersecurity and technology enablement, has launched its new Overwatch Cyber Warranty Program, providing a financial safety net for managed service providers and their business clients in the event of a cybersecurity breach.
The program provides expedited reimbursement for costs associated with remediating damaging cyberattacks. The certified warranty also provides the underwriting requirements typically needed to qualify for a cybersecurity insurance policy.
According to the company, a $500,000 Overwatch Cyber Warranty plan could provide $100,000 for ransomware and business email compromise protection; $100,000 for compliance and regulatory failure protection; $50,000 for business income loss protection; and $250,000 for cyber legal liability protection.
Prerequisites include an Overwatch cybersecurity services stack that would include antivirus, encryption, multifactor authentication, maintenance (patches and updates), security awareness training, bank routing change verification and regulatory compliance.
The company notes that the program is not cyber insurance, but it can be paired with more affordable cyber insurance policies for added protection. Overwatch Cyber Warranty clients may qualify for highly discounted or below-market cyber insurance policies of $1 million or more because as users of Overwatch cyber security services they are following best practices for cybersecurity.
“Given the costs of the average data breach running into the millions and so few businesses addressing the risk with cyber insurance, our MSP channel partners are understandably concerned about a costly incident occurring under their watch,” said High Wire Networks COO, Stephen LaMarche. “Combining our Overwatch Managed Cybersecurity monitoring, detection and response with our cyber warranty protection plan can provide peace of mind for MSPs and their business customers, plus a meaningful competitive edge all around.”
The program is intended to address the increasing rise in cybercrime, with malware and ransomware attacks causing breaches that can result in costly remediation and lost sales, as well as fines and penalties.