ATLANTA, May 29, 2019 (GLOBE NEWSWIRE) — RapidFire Tools Inc., a Kaseya company and leading provider of business-building technologies for MSPs, today announced the release of Audit Guru for Cyber Insurance, the first compliance process automation tool designed to document and demonstrate “due care” by cyber insurance policy-holders, helping them to receive payout in the event of a claim.
Security breaches have become one of the biggest challenges for IT departments, with the average cost of a data breach in 2018 reaching $3.86 million, up 6.4 percent from the year before, according to a study by IBM and the Ponemon Institute. In the face of this mounting threat, the global cyber liability insurance market is growing rapidly, but many policies require businesses to adhere to specific conditions in order to be paid out if a claim is filed.
The market for cyber insurance is relatively new and, therefore, untested even though many organizations have prudently added this specialized coverage. The unanticipated threat policy holders may encounter can surface after a claim is made when instead of being protected, many companies find themselves hit twice—first as victim of a…
