Argo Launches Cyber Sphere Solution with Extensive Loss Control and Cyber Risk Management Services
Insurance coverage includes Paladin Shield cybersecurity platform
New York, NY (Nov. 19, 2019) – Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance, has launched Argo Cyber Sphere, a breakthrough digital solution for small and mid-sized businesses with annual revenue up to $50 million that combines a compelling range of first- and third-party cyber-risk insurance coverages with full cybersecurity protection.
Cyber Sphere also provides a suite of preventive tools and coverages to protect insureds against ransomware, social engineering, malware, DDOS attacks and other cyber-related exposures. These tools will be administered by Paladin Cyber. The loss-control and risk-management program is created for the needs and resources of small to medium-size businesses throughout the U.S.
Paladin Cyber, an insuretech headquartered in San Francisco, has developed a suite of software defending against the most common and potentially problematic cyber threats facing small- to medium-size businesses. In addition to active network, password and email defense, Paladin’s services include employee education and assessment. Designed to address the needs and resources of smaller businesses, the suite of tools can be deployed and managed without any in-house cybersecurity expertise.
“Argo is aggressively advancing our suite of services to protect insureds from the constantly increasing threat of malicious online attacks,” said Paul Miskovich, senior vice president and head of cyber for Argo Group. “Paladin Cyber’s technologies, training and continuous threat assessment enhance the risk profile of small and mid-sized business, enabling us to offer broader coverage at affordable prices. We expect this product to expand the market for cyber-insurance and prompt purchase from many first-time buyers.”
“Small-to-medium-sized businesses are highly underserved by cyber insurance products and services,” Miskovich added. “This leaves them underinsured and under-protected against one of the most serious threats to their businesses today – malicious cyberattacks. Argo’s Cyber Sphere insurance coverage aims not only to provide a financial protection for those businesses, but also easy-to-use proactive tools to defend against these threats.”
“Argo Group is a recognized leader in helping businesses manage and mitigate risks of all kinds, including the risk of catastrophic loss due to cyberattacks and cybercriminals,” said Han Wang, Co-founder and CEO of Paladin Cyber. “With millions of malicious emails sent every day, and some 280 million websites containing malicious content, our partnership with Argo will make it much harder for bad actors to inflict damage on Argo Cyber Sphere policyholders.”
About Argo Group International Holdings
Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group’s insurance subsidiaries are A.M. Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.ArgoLimited.com.
About Paladin Cyber
Paladin Cyber provides comprehensive cyber protection for small and medium businesses through differentiated insurance programs and easy-to-use technology. Paladin’s Shield platform is a full cybersecurity solution built from the ground up to enable smaller businesses to effectively protect against modern cyber threats without needing cybersecurity expertise. Through its modern risk management capabilities, Paladin provides unique product differentiation and superior loss results to carrier partners. For more information on Paladin Cyber, please visit www.meetpaladin.com.
SOURCE: Argo Group Communications
Tags: Argo Insurance, Cyber Insurance, cyber risk, cyber security, small businessRead the original article at Insurance-Canada.ca