High Wire Networks, Inc. has launched its new Overwatch Cyber Warranty™? Program. The new offering can provide a financial safety net for managed service providers (MSPs) and their business clients in the event of a cybersecurity breach.

The program addresses the increasing rise in cybercrime, with malware and ransomware attacks causing breaches that can result in costly remediation and lost sales, as well as fines and penalties. According to IBM's latest Cost of a Data Breach Report, a data breach can now cost a business $9.4 million on average, with 60% leading to the cost being passed onto customers through increased prices that diminishes business competitiveness. Last year there were more than 4,100 publicly disclosed data breaches that exposed over 22 billion customer records.

That is likely just the tip of the iceberg, given that an estimated 98% of employees fail to report cyber hacks. Despite the substantial risk, only 40% of U.S. businesses carry cyber risk insurance, according to a survey conducted by the research firm, Ovum. Even among those that have such insurance, only 16% have insurance that covers all risks.

Overwatch Cyber Warranty provides expedited reimbursement for costs associated with remediating damaging cyberattacks. Moreover, it overcomes the two primary reasons companies gave Ovum for not having insurance: cost and lack of clarity about insurance pricing. The certified warranty also provides the underwriting requirements typically needed to qualify for a cybersecurity insurance policy.

High Wire can provide protection at a lower cost and with greater transparency compared to alternatives given the combination with its award-winning Overwatch cybersecurity services that can eliminate or dramatically characterize the impact of a successful cyber-attack.