Insurtech Insights
AWS Says New Cyber Insurance Programme is a Game Changer, say Execs
AWS Says New Cyber Insurance Programme is a Game Changer, say Execs
Amazon Web Services (AWS) has taken a significant plunge into the cyber insurance industry by introducing a pioneering programme that guarantees customers a security insurance quote within two days, offering substantial revenue prospects for the channel.

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During the recent AWS re:Inforce conference, Ryan Orsi, Worldwide Head of Cloud Foundations for the AWS Partner Network, hailed this initiative as a transformative moment for the industry. He highlighted AWS’ track record of identifying market segments and technologies in need of reinvention, underscoring the cyber insurance industry as ripe for a revamp in the cloud era.

Unveiled at the conference, the AWS Cyber Insurance Programme aims to assist AWS customers in enhancing their security posture and expediting the process of obtaining cybersecurity insurance. By streamlining what can often be a cumbersome procedure, this programme simplifies the journey for businesses.

Orsi pointed out that current cyber insurance policies involve copious amounts of paperwork and protracted communication, often stretching over several months. Furthermore, there is a lack of understanding between insurance providers and companies regarding cloud operations. Consequently, insurance premiums have exceeded expectations, while coverage limits have fallen short. Small and medium enterprises (SMEs) are particularly impacted by this manual process, with millions of such businesses worldwide.

The AWS Cyber Insurance Programme tackles these challenges head-on, leveraging the capabilities of the AWS Security Hub and offering compelling advantages to participating partners.

Justin Copie, CEO of Innovative Solutions, an AWS partner, highlighted the struggles faced by many small to midsize businesses in obtaining and retaining cyber insurance in 2023. Copie noted that the overall increase in threats has made it increasingly difficult for businesses to secure coverage.

He commended AWS for launching a programme that simplifies the process, enabling customers to access better and faster cyber insurance.

Copie emphasised that businesses leveraging AWS’ robust infrastructure, coupled with a partner’s guidance and implementation of appropriate security measures, would have an unparalleled offering in the market, further enhanced by AWS-validated cyber insurance as a backup.

Source: CRN

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