Cloudflare unveils partnerships with leading cyber insurers, incident response providers

KUALA LUMPUR, Dec 13 -- Cloudflare Inc, the security, performance, and reliability company helping to build a better Internet, announced it is partnering with leading cyber insurance companies to help businesses manage their risks online.

Eligible Cloudflare customers can qualify for discounts or other added benefits from insurance providers like At-Bay, Coalition, and Cowbell Cyber for using Cloudflare to protect any of their websites, applications, employees, and corporate networks.

According to a statement, Cloudflare also announced new relationships with prominent incident response providers CrowdStrike, Mandiant, and Secureworks, enabling them to rapidly refer companies under attack.

As cyberattacks increase in volume and severity, the number of businesses selecting cyber insurance has surged from 26 per cent in 2016 to 47 per cent in 2020. As a result, some insurance companies have had to raise premiums to cover their costs.

“We’re helping protect millions of organisations every day, and cyber insurers understand the benefit that brings to keeping a company protected online,” said co-founder and chief executive officer of Cloudflare, Matthew Prince.

“Similar to a safe-driving discount granted through auto insurance, now companies can get discounts just for using Cloudflare to protect their organisations. By working closely with some of the most prominent cyber insurers and incident response providers, we are now helping businesses to comprehensively manage their risk online.”

In Q3 2021, Cloudflare automatically mitigated one of the world’s largest DDoS attacks that hit a customer in the financial services industry.

The ability to thwart and prevent an average of 76 billion attacks per day is attractive to cyber insurers who are faced with covering a rapidly growing customer base and a more complex threat landscape.

When a business is under attack, every minute is important. Incident response companies work hard to get a network back online or restore traffic to a website after an attack.

To make that process easier and faster, Cloudflare is partnering with CrowdStrike, Mandiant, and Secureworks to enable rapid referral of organisations under attack.

More details at www.cloudflare.com.

-- BERNAMA