#United States #Cyber Insurance #Totowa #Antigen Security #Integrated Business Systems

Antigen Security and Integrated Business Systems: Pioneering Cyber-Insurance Savings for Financial Services

In an impressive move aimed at bolstering security in the financial services sector, Antigen Security has announced a strategic partnership with Integrated Business Systems (IBS). This collaboration has brought forth the launch of a newly designed Cyber-Insurance Savings Program that focuses on providing organizations with the tools they need to secure meaningful premium savings while enhancing their cybersecurity posture.

A Program Built for Financial Resilience

The Cyber-Insurance Savings Program has been specifically tailored for businesses such as banks, accounting firms, fintech companies, and payment processing organizations. As cyber threats grow more sophisticated, these institutions must conform to insurer requirements to effectively mitigate the risk of incidents while securing cost-effective insurance premiums. Organizations taking part in the program typically see savings ranging from 30-60% on their cyber insurance premiums.

Key Features of the Program

The program employs recognized frameworks including CIS Controls, NIST Cybersecurity Framework (CSF), and MITRE ATT&CK to equip businesses with a robust risk management strategy. Key benefits include:

• - Underwriting-Ready Controls: Companies will have a clear and efficient path to meet or surpass insurance carrier requirements, reducing the time for applications from weeks to just days.
• - Substantial Premium Reductions: With the incorporation of effective risk-reducing controls and proper documentation, clients can experience significant drops in their insurance costs.
• - Minimized Out-of-Pocket Expenses: The program is aimed at preventing uncovered losses and lowering costs associated with incident management.
• - Reduced Incidence of Major Breaches: Proactive planning and continuous validation of security controls lower both the frequency and severity of cybersecurity incidents affecting businesses.

Targeted Sectors

This revolutionary program is not only beneficial for banks and credit unions but also prioritizes sectors adjacent to financial services. Particular focus is given to:

• - Accounting Firms that need to secure sensitive financial records and comply with client assurance requirements.
• - Payment Processors striving to mitigate risks associated with PCI DSS in multi-tenant environments.
• - Fintech Platforms that rely on robust security for their APIs and cloud workloads.
• - Investment Management Firms that deal with critical client communications and trading systems.

Expert Insights

Michael Mullin, President of IBS, stated, "Financial institutions operate on a principle of trust, and mechanics of resolution and support. By merging IBS's deep expertise with Antigen's innovative technology solutions, we’re enabling clients to enhance their readiness for underwriters, streamline their insurance processes, and effectively leverage better security outcomes to enjoy lower premiums."

Steven Legg, Co-Founder and CEO of Antigen Security, echoed this sentiment, emphasizing that they understand the complex regulatory landscape and challenges faced by financial institutions. “This partnership simplifies underwriting processes and enhances claim success rates, ultimately reducing total risk costs," he mentioned.

Getting Started

Current and prospective clients, as well as partners, can initiate their journey towards securing significant savings and improved readiness for underwriting by requesting an assessment through the program's official channels.

Company Background

Integrated Business Systems (IBS) specializes in managed IT services tailored for the financial sector, helping institutions to bolster their reliability and compliance measures. Meanwhile, Antigen Security is dedicated to enhancing cyber liability insurance outcomes by aligning cutting-edge technology solutions with existing underwriting criteria. Together, this partnership stands to make significant impacts on the financial services industry's approach to cybersecurity and insurance.

For more information, stakeholders can visit the respective websites for further insights into the offerings by both IBS and Antigen Security.