Volante Global, an international managing general agent (MGA) platform, has launched a cyber ransomware product Cyber Lockout that combines ransomware insurance cover with cybersecurity technology.
Cyber Lockout is designed to reduce an organization’s exposure to malware attacks, including ransomware. The product includes the cyber security service, Trident Lockdown, provided by GBMS Tech, which is built to prevent malware, including those introduced through zero-day vulnerabilities, from executing in the customer’s computer systems. In addition, it offers a ransomware-only insurance policy providing cover for the costs of recovering from a ransomware attack.
As a condition of the insurance cover, companies are required to install Trident Lockdown on all of their devices. The technology, which uses negligible system resources, works alongside existing security infrastructure and does not require continuous upgrades.
According to Simon Simmons, chief operations officer, GBMS Tech and GBMS USA, said Trident Lockdown locks down all the client’s endpoints including computers, servers and mobile devices with multi-layered security which is designed to stop any malware from executing. Businesses have full control of the programs and applications authorized to run on their network, blocking all other applications and executables.
The insurance component of the Cyber Lockout proposition, which is secured upon A+ rated (S&P) capacity, provides coverage in the event of a successful ransomware attack. The ransomware-only policy covers the primary costs associated with such an event, including breach counsel costs, fees relating to computer forensic services, data restoration costs, ransomware payments, and business interruption-related losses, if applicable.
Cyber Lockout will initially only be available to U.S.-based companies, and the insurance policy will be distributed via CIMA with placements coordinated by XS/Group.
Volante Global is registered and headquartered in the UK.
GBMS Tech Ltd is a provider of expert IT security services. It develops proactive business cyber security products and services for businesses around the globe. GBMS is a UK company headquartered in London with a fully operational subsidiary in Austin, Texas.
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