TEL AVIV, Israel, July 8, 2019 /PRNewswire/ -- Konfidas, a leading cybersecurity company in Israel, and Howden a Global Insurance Brokers have joined forces to provide first-of-its-kind Managed Cybersecurity and Cyber Insurance for SMBs in Israel*.
Established in 2013, Konfidas took the lead in developing strong end-to-end cybersecurity offering for SMBs, which will include cyber insurance provided by Howden. Since Konfidas will manage the client's cybersecurity it will grant them a discount on the insurance price.
Konfidas leverages its multidisciplinary expertise in providing cybersecurity and data protection to diverse sectors, including banking, finance, aerospace, shipping, high-tech, and cryptocurrency. Konfidas' business vision incorporates partnerships with top-notch suppliers; and it is currently the only cybersecurity firm to offer SMBs a holistic, affordable, and unique option that includes Howden's cyber insurance services.
From the demand side: the need for cybersecurity and cyber insurance for SMBs is growing. According to Cisco, 53% of midmarket companies have experienced a cyber breach, while only 13% of companies in Israel have cyber insurance, according to the Israel National Cyber Directorate (INCD). In addition, new regulations, including privacy regulations, supply chain risk management, GDPR, CCPA, etc, cause SMBs to invest in cybersecurity, just like large enterprises, only with less knowledge and resources.
From the supply side: there are hundreds of cybersecurity companies which provide thousands of solutions. SMBs find it difficult to choose the suitable solutions which are usually unaffordable for them. In many cases, this reflects the fact that cybersecurity providers do not tailor their solutions to SMBs.
The result is that many SMBs cannot undertake realistic cybersecurity programs, which limits them business-wise, and may also subject them to regulatory sanctions. Hence, the Managed Cybersecurity and Cyber Insurance package offered by Konfidas and Howden is an ideal solution for SMBs.
Mr. Shay Simkin, Global Head of Cyber at Howden Broking Group: "This collaboration is a first of its kind in Israel; its goal is to provide a solution for the insurers that are struggling with the assessment of the client's risk throughout the lifecycle of the insurance policy. With Konfidas, the client's risk will be continuously monitored, that will make the underwriting process easier, and significantly lower the price of the insurance. With over $22 billion of premiums placed worldwide, we have the scale and experience to deliver on this unique partnership."
Mr. Ram Levi, Founder, and CEO of Konfidas: "SMBs are at the front line of cyber attacks, either as a target or as an attack vector to larger organizations. At Konfidas, we're on a mission to protect SMBs by managing their cyber risk with our multidisciplinary and cutting-edge experience. This partnership with Howden will enable our clients affordable cyber insurance and cybersecurity management at the highest standards of the global market."
* Konfidas is working in cooperation with Howden Broking Group to ensure our clients the possibility of purchasing cyber insurance of a high professional quality and in accordance with their needs. Konfidas does not sell insurance services, nor does it carry out any activities of any type of insurance agent. The eligibility of the client for cyber insurance shall be exclusively determined by the insurance broker and the insurance company in light of the underwriting process. This notice should not be relied upon as an offering of services directly to the client, but rather as a general description of the services. Any arrangement with a client shall be determined by a specific agreement and in an explicit manner.