What makes a five-star cyber carrier?

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Brokers have recognized At-Bay as a top cyber insurance provider, thanks to its innovative solutions, responsive claims team, and precise risk management solutions

THE CYBER insurance landscape has transformed dramatically as cyber threats become more frequent and sophisticated. In this rapidly changing market, fresh players are shaking up the competition with bold, innovative approaches. One of the full-stack insurance providers leading this charge is At-Bay, which has quickly gained the trust of brokers and clients alike. In the Insurance Business America 5-Star Cyber 2024 survey, brokers named At-Bay among the top insurers used by companies up to $250 million and among top insurers used by companies between $250 million and $1 billion. For Ryan Aussicker, head of middle market underwriting at At-Bay, three key aspects have helped his organization stand out in the competitive space. “If we home in on three things that make us stand out, it would be our underwriting expertise, claims, and market-leading InsurSec solution,” said Aussicker.

At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance, At-Bay was designed from the ground up to empower businesses of every size to meet cyber risk head-on. At-Bay Insurance Services, LLC provides insurance protection and security prevention solutions to close to 40,000 businesses in the US, safeguarding up to $800 billion in collective business revenue, and offers coverage by admitted and non-admitted insurers for Cyber, Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL). The At-Bay Group also includes an active full-stack insurance company and a cybersecurity company.

“Our InsurSec solution secures assets that are the source of two-thirds of cyber claims”

Ryan Aussicker, At-Bay

To identify the top cyber insurance carriers for 2024, Insurance Business America tapped industry experts for their insights. Over 15 weeks, the research team conducted in-depth interviews with specialist brokers and surveyed thousands more within IBA’s network to gather a comprehensive view of current market offerings. Brokers were first asked which features they considered most important in a cyber insurance policy, then rated the carriers they worked with based on those criteria. Carriers were evaluated on coverage, flexibility, claims handling, pricing, and, most crucially, the strength of their products. Aussicker believes one of the key elements to At-Bay's success is its holistic approach to insurance coverage, allowing it to deliver comprehensive “end-to-end” solutions.

In terms of underwriting, At-Bay has built a reputation for being adaptable and responsive, which are critical traits in a fast-moving industry like cyber insurance. “We have a highly experienced group of underwriters that offer creative, tailored solutions, far beyond a basic insurance package. We’ve built a reputation for being the most responsive, with the autonomy to make critical decisions quickly and provide thoughtful solutions, especially when faced with complex risks,” said Aussicker.

At-Bay’s competitive edge comes not just from its human expertise but also from a tech-forward platform. Being a newer player in the field, the company leverages this technological advantage to provide faster, more accurate service. “We’re specialists in cyber insurance,” said Aussicker. “At-Bay was founded by cyber experts and insurance veterans, and built a full-stack insurance company. We are well poised to drive the future of the cyber marketplace. “Unlike many newer entrants, we don’t try to automate everything – smaller, easier-to-place risks can be quoted on our broker platform, with the flexibility to customize and bind online in minutes, but for larger and more complex risks, every submission is carefully assessed by an experienced underwriter who can adapt to the unique needs of the business to craft the most appropriate and tailored coverage.”

This combination of human expertise and technology enables them to offer more precise and adaptable solutions to their clients. Finally, Aussicker highlighted the strength of their experienced in-house claims team. At-Bay’s claims-handling process has garnered positive feedback from brokers and clients alike. “Our claims team receives positive feedback from brokers and insureds on a weekly – even daily – basis, recognizing them for their responsiveness and expert guidance throughout the claims process,” he said.

The Insurance Business America 5-Star Cyber 2024 survey also highlighted brokers’ top requirements for their carrier partners, such as well-designed, proactive cyber solutions. For its part, At-Bay prides itself on its InsurSec solution, At-Bay Stance. “InsurSec is At-Bay’s answer to closing the cybersecurity gap for businesses of all sizes. As a cyber insurance provider, we have the incentive, scale, and skills not only to pay claims but also help businesses close their security gaps to help prevent attacks from happening,” said Aussicker. At-Bay’s InsurSec solution offers an integrated, end-to-end solution that unites insurance and cybersecurity, all in-house. InsurSec delivers protection that neither security nor insurance alone can offer. It acts as a force multiplier, providing security, threat intelligence, and expert guidance to close the cybersecurity gap – all as part of a cyber insurance policy. At-Bay has also introduced Stance MDR (Managed Detection and Response), which Aussicker described as “enterprise-grade endpoint protection with 24/7 monitoring.” This service is particularly significant for mid-sized businesses that might not have the resources for large-scale cybersecurity operations but still need robust protection.

“Their prowess shows up in our results too: in 2023, At-Bay policyholders avoided paying ransoms 53 percent of the time, and for claims where a ransom was paid, ransom payments were negotiated down by 77 percent on average.” At the end of the day, clients are buying an insurance policy for the security of knowing that claims will be handled efficiently, and At-Bay has made sure this part of their business is rock solid.

Standing out in the competitive cyber market

Proactive cyber solutions

Published October 7, 2024

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“We’ve built a reputation for being the most responsive, with the autonomy to make critical decisions quickly and provide thoughtful solutions”

Ryan Aussicker, At-Bay

Aussicker explained, “MDR addresses a critical need for clients – our claims data shows that more than 50 percent of cyber claims in the past two years could have been mitigated or even stopped altogether with an MDR solution.” These offerings highlight At-Bay’s commitment to comprehensive protection and support that extends beyond the typical scope of an insurance policy. However, the evolving nature of cyber threats means that companies like At-Bay must stay ahead of emerging risks. Aussicker acknowledged that the threat landscape has seen dramatic changes over the past few years.

1 Source: At-Bay’s 2024 InsurSec Report 2 At-Bay Stance MDR is provided by At-Bay Security, LLC, and available to eligible businesses with or without an insurance policy placed through At-Bay Insurance Services, LLC. At-Bay Security, LLC is a wholly owned subsidiary of At-Bay, Inc., providing cybersecurity services including MDR and incident. 3 Source: At-Bay claims data from Q4 2021 through to Q3 2023 that could potentially have been mitigated by a Managed Detection and Response product 4 Source: At-Bay internal claims data, evaluating first-party security risks, 2023

“We’ve seen a major revolution in this industry over the past five to seven years with the technological advancements that hackers are effectively using to target our insureds,” he said. At-Bay responds to this challenge by focusing heavily on cybersecurity controls and helping clients manage their cybersecurity within their organizations. “Proactive risk management plays a key role in our approach to cyber insurance,” Aussicker stressed. “Our InsurSec solution secures assets that are the source of two-thirds of cyber claims.” At-Bay’s proactive measures are designed to mitigate risks before an attack occurs, during the incident, and after the fact. They offer a unified security platform that helps close vulnerabilities and provides phishing training to help clients protect themselves before an attack. During an incident, their MDR service provides 24/7 monitoring to detect and contain threats, and, afterward, they offer breach response services from their in-house DFIR team, At-Bay Response & Recovery, to ensure a quick and efficient resolution. Looking ahead, At-Bay has no plans to slow down. Rather than shying away from emerging risks or difficult-to-insure areas, it seeks to develop solutions that can help clients manage their risk exposure. “We’re always looking for ways to further shape the cyber insurance industry, whether it be reducing exposure for insureds, or making brokers’ lives easier,” Aussicker said. “We see this industry as evolving as the cyber risk landscape is currently evolving, and we stay ahead of that by providing solutions that insureds will need today and in the future.”

All statements for At-Bay, Inc. companies. At-Bay Insurance Services LLC is a licensed property and casualty insurance agency and surplus lines broker in all 50 states and the District of Columbia. At-Bay offers coverage underwritten by admitted and non-admitted insurers. Surplus lines insurance sold only through licensed surplus lines producers. In California, License #0L73812.

Source: At-Bays 2024 InsurSec Report

At-Bay policyholders avoided paying ransoms 53% of the time

Insurance provides financial layer of protection & feeds back breach data for further improvement

MDR rapidly identifies and responds to potential threats

Protection

Prevention

InsureSec

How does InsurSec work?

Mitigation

Exposure management helps you avoid major security gaps

Source: At-Bays 2024 InsurSec Report

At-Bay policyholders avoided paying ransoms 53% of the time