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SAN FRANCISCO, May 29, 2019 (GLOBE NEWSWIRE) -- CyberPolicy, the world's first marketplace to help small and medium-sized businesses (SMBs) compare, quote, and buy cyber insurance online in minutes, today announced the release of CyberPolicy Genesis, a one-click cyber insurance product available for purchase through trusted brands.
Starting at just $9.99 per month, CyberPolicy Genesis bundles cybersecurity protection with the most essential and relied upon cyber insurance coverage options. The product’s cybersecurity features include a CyberCheckup, expert guidance, dark web monitoring, password management, secure document storage, VPN, and cybersecurity awareness training. CyberPolicy Genesis cyber insurance coverage starts at a $25,000 limit and offers access to a breach coach, data forensics, public relations services, notification and credit monitoring, and cyber extortion protection.
Due to inadequate internal IT expertise, a lack of employee training and limited resources, SMBs face extreme cyber risk. In fact, in its 2018 Data Breach Investigations Report, Verizon found that 58 percent of all cyberattacks target SMBs. However the existing cybersecurity marketplace includes limited offerings for this demographic, focusing instead on large enterprises. Traditional cyber insurance channels are also failing to fulfill SMB demand, with most agents and brokers lacking the necessary access and understanding of cyber insurance.
“SMBs have struggled to purchase cybersecurity tools and cyber insurance through traditional channels, largely due to the overwhelming number of choices and confusing jargon,” said CyberPolicy CEO and Founder Keith Moore. “Our simple CyberPolicy Genesis checkbox enables SMBs to confidently secure their business instantly, and by offering cyber protection as an upsell from brands SMBs already trust, we’re simplifying the buying process and offering a much more actionable approach to cybersecurity.”
With a market size expected to reach $20 billion by 2025, cyber insurance is the fastest growing segment of the insurance market. Furthermore, cyber insurance is increasingly becoming mandatory for SMBs that conduct business with larger enterprises, and as such, serves as a promising gateway to the larger $100 billion SMB insurance market. By providing a best-in-class digital cyber solution with crucial coverage capabilities for SMBs, CyberPolicy and its parent company CoverHound® are leading the way in advancing this critical market and empowering more businesses to protect their most valuable assets.
CyberPolicy Genesis is currently available to SMBs with up to $10 million in annual revenue. For more details, visit https://cyberpolicy.com/genesis. For partnership inquiries, visit https://cyberpolicy.com/partners.
CyberPolicy: In 2016, CyberPolicy became the world's first marketplace to help small businesses compare, quote, and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its cyber insurance offerings to cover 98 percent of small business types with up to $250 million in revenue and in 2019, it launched CyberPolicy Genesis, a one-click cyber insurance product available via trusted brands. CyberPolicy partners with market leaders including Chubb, Hiscox, and others to develop extensive bundled cybersecurity offerings to help small businesses "Plan. Prevent. Insure.™" against cyberattacks. CyberPolicy is a wholly-owned subsidiary of CoverHound Inc.
CoverHound is an insurtech company for consumers and businesses to easily compare and purchase insurance, built to deliver fast, accurate, and actionable rates from leading US carriers based on their specific needs. Some of the top carriers include Chubb, Hiscox, Progressive, Liberty Mutual, biBERK, Safeco, Nationwide, Mercury, Hartford Steam Boiler, and others to offer the most competitive rates and coverages in 50 states. Developed by a team with deep insurance and online financial services experience, CoverHound is dedicated to providing the best in class customer experience and has an industry leading Net Promoter Score of 82.