Volante Global, a multi-class and multi-territory international managing general agent (MGA) platform, has announced the launch of an innovative cyber ransomware solution, Cyber LockoutSM, that combines ransomware insurance cover with the latest in cyber security technology.
Cyber Lockout is designed specifically to greatly reduce an organisation’s exposure to malware attacks, including ransomware. At the core of the proposition is a multi-layered cyber security solution, Trident LockdownTM, provided by GBMS Tech, which is built to prevent malware, including those introduced through zero-day vulnerabilities, from executing in the customer’s computer systems. In addition, it offers a ransomware-only insurance policy providing cover for the costs of recovering from a ransomware attack.
Commenting on the solution, Graeme King, Managing Director – Cyber, Volante Financial & Professional Lines, said: “Ransomware is one of the most prevalent forms of cyber-attack and we have seen that increases in ransomware attacks have led to restrictions in insurance cover and significant rate hikes, leaving some businesses struggling to find adequate cover. By combining malware and ransomware prevention technology with ransomware insurance cover, Cyber Lockout provides a highly effective solution that spans the full attack cycle, from blocking the attack to responding in the unlikely event of a system breach.”
As a condition of the insurance cover, companies are required to install Trident Lockdown on all of their devices. The technology, which uses negligible system resources, works alongside existing security infrastructure and, unlike other systems, does not require continuous upgrades.
Simon Simmons, Chief Operations Officer, GBMS Tech and GBMS USA, said: “The significant increase in ransomware-related attacks has exposed clear gaps in the cyber security practices of many organisations. Trident Lockdown locks down all the client’s endpoints including computers, servers and mobile devices with multi-layered security which is designed to stop any malware from executing. Through this solution, businesses have full control of the programs and applications authorised to run on their network, blocking all other applications and executables.”
The insurance component of the Cyber Lockout proposition, which is secured upon A+ rated (S&P) capacity, provides coverage in the event of a successful ransomware attack. The ransomware-only policy covers the primary costs associated with such an event, including breach counsel costs, fees relating to computer forensic services, data restoration costs, ransomware payments, and business interruption-related losses, if applicable.
Cyber Lockout will initially only be available to U.S.-based companies, and the insurance policy will be distributed via CIMA with placements coordinated by XS/Group.
About Volante Global
Volante Global is a multi-class, multi-territory international MGA that combines best-in-class underwriting power with fully automated, data-driven business processes deployed through a single consistent platform. Registered and headquartered in the UK, Volante is built upon the security of a strong financial backer, including at a minimum A rated capacity supporting every line of business, achieved through global specialty re/insurance lines of business.
About GBMS Tech
GBMS Tech Ltd is a provider of expert IT Security Solutions. It develops proactive business cyber security products and services for businesses around the globe. GBMS is a UK company headquartered in London with a fully operational subsidiary in Austin, Texas. Our unique Trident LockdownTM solutions provided robust, highly reliable protection against cyber-attacks.
About CIMA and XS/Group
CIMA is the marketing name of The CIMA Companies, Inc., a retail property-casualty insurance broker in the U.S., and XS/Group is the marketing name of XS/Group, Inc., a surplus lines insurance broker in the U.S. CIMA and XS/Group are both Acrisure Agency Partners.