Antigen Security and Integrated Business Systems Unveil New Program
Integrated Business Systems ("IBS") has partnered with Antigen Security, LLC to launch an innovative Cyber-Insurance Savings Program tailored for the financial services sector. This collaboration aims to provide resilience and has been specially crafted for entities such as banks, accounting firms, payment processors, and fintech organizations.
Introducing the Cyber-Insurance Savings Program
This new initiative from IBS and Antigen assists firms in meeting the stringent requirements set by insurance providers while also reducing the risks associated with cybersecurity incidents. By participating in this program, organizations can expect to see an impressive reduction in their cyber insurance premiums, often saving between 30% to 60% on costs. This substantial saving stems from a comprehensive approach that aligns with recognized standards to create a risk-informed cybersecurity strategy.
Frameworks Behind the Program
Utilizing established frameworks such as CIS Controls, NIST Cybersecurity Framework, and MITRE ATT&CK, the program emphasizes a Resilience by Design approach. Companies will identify, prioritize, and manage risks, ensuring they adopt the right security measures. This thorough documentation not only helps simplify the underwriting process but also supports a smoother claims experience when needed.
Anticipated Benefits for Participants
Organizations that enroll in the Cyber-Insurance Savings Program can expect several key advantages:
- Clear pathway to comply with insurance carrier requirements, ensuring applications take significantly less time.
- An average premium reduction of 30% to 60%, translating risk control efforts into tangible financial savings.
- Designed to lower out-of-pocket costs, which helps organizations minimize expenses related to uncovered losses and incidents.
- Proactive measures to decrease the number and severity of serious cybersecurity breaches.
Special Focus on Financial Services
The Cyber-Insurance Savings Program is explicitly designed for financial services and related industries. It prioritizes the needs of:
- Banking and Credit Unions: Protecting vital customer data and adhering to financial regulations.
- Accounting and Advisory Firms: Safeguarding personally identifiable information and securing financial records.
- Payment Processors: Reducing risks associated with PCI DSS compliance and navigating potential vulnerabilities.
- Fintech Companies: Securing important components like cloud systems, APIs, and third-party relationships.
- Investment and Portfolio Management: Protecting trading platforms and sensitive client information.
Leaders in Cybersecurity Insights
Michael Mullin, President of IBS, stated, "Trust and effective response times are fundamental for financial institutions. By collaborating with Antigen, we empower our clients to exhibit readiness to underwriters, enhance the renewal process, and convert improved security practices into lower insurance premiums."
Steven Legg, Co-Founder and CEO of Antigen Security, added, "We understand the intricate regulatory landscape and diverse risks faced by banks and financial entities. Our partnership not only simplifies underwriting but also boosts claims success rates, effectively lowering the overall cost of risk."
Next Steps for Interested Parties
Current clients, prospective customers, channel partners, and other interested stakeholders can seize the opportunity to request a savings assessment and an underwriting-readiness review. This program presents a chance to enhance cybersecurity measures while obtaining significant savings on insurance premiums.
About Integrated Business Systems
IBS specializes in providing managed IT and security services customized for the financial services sector. Their expertise spans banking, accounting, real estate, payment processing, and fintech, helping these organizations achieve reliability, regulatory compliance, and operational confidence.
About Antigen Security, LLC
Antigen Security focuses on technological solutions that facilitate superior outcomes in cyber-liability insurance. They work to align advanced technologies with underwriting standards to aid organizations in risk mitigation and compliance efforts.
Frequently Asked Questions
What is the Cyber-Insurance Savings Program?
The Cyber-Insurance Savings Program is a collaborative initiative by Antigen Security and Integrated Business Systems that helps organizations in financial services lower insurance premiums through improved cyber risk management.
Who can participate in this program?
The program is tailored for financial services sectors including banks, accounting firms, fintech, and payment processors.
How much can organizations save on their premiums?
Organizations can typically save between 30% to 60% on their cyber insurance premiums by participating in the program.
What frameworks does the program utilize?
The program employs established cybersecurity frameworks such as CIS Controls, NIST Cybersecurity Framework, and MITRE ATT&CK.
What benefits does the program offer beyond savings?
In addition to savings, the program provides a clear compliance pathway for underwriting, lowers out-of-pocket costs, and decreases the likelihood of serious cybersecurity incidents.
