PSafe is the First Cybersecurity Company in Brazil to Offer Customers Insurance Against Ransomware

Cybersecurity insurance coverage will be offered at no extra cost to business customers of PSafe’s enterprise security solution, dfndr enterprise, who have more than 300 protected devices.

Ransomware attacks, deployed by cybercriminals to hijack corporate data and blackmail victims into paying a ransom, have become alarmingly frequent, and they have recently targeted giants like Apple and Colonial Pipeline, one of the largest pipelines in the United States.

In order to mitigate the risks of these cyber attacks for Brazilian companies, PSafe, the cybersecurity unit of the CyberLabs Group, has joined with AIG, the world leader in the cyber insurance segment, to offer dnfdr enterprise customers ransomware insurance at no additional cost. They’re the first cybersecurity provider to make this kind of offer.

The insurance is offered by Brazil’s AIG Seguros, for PSafe dfndr enterprise customers. It guarantees coverage for beneficiaries that have been victims of ransomware infection, with a liability limit of BRL $1,000 per device protected by dfndr enterprise at the time of ransomware infection. The coverage is capped at BRL $1 million per company, per incident. The insurance will be made available at no extra cost to all companies with more than 300 devices protected monthly by dfndr enterprise, which is PSafe’s SaaS solution against data leakage and digital threats.

The potential damage from this type of data hijacking is in the billions. A survey conducted by Cybersecurity Ventures, estimates losses of about USD $20 billion in 2021 (equivalent to about BRL $100 billion), with attacks now taking place every 11 seconds, around the world.

Marco DeMello, CEO of PSafe and president of the CyberLabs Group, points out that criminal actions have affected companies and organisations of all sizes and from different countries. “At the end of 2020, the Superior Court of Justice (STJ) was the target of a ransomware attack that forced the suspension of the court’s activities for a week. In May 2021, the largest pipeline network on the east coast of the United States was invaded.”

DeMello said:

“The best way to prevent these kinds of losses is to use a security solution that identifies and blocks these threats, before they hijack your data.”