TECH SA: Company plans to offer cybersecurity insurance
CyberFortress aims to help small businesses impacted by an online incident
SAN ANTONIO – CyberFortress is a new San Antonio company that plans to offer a type of cybersecurity insurance.
"We believe what the small businesses really need is they need the protection at that moment when they've been hacked or suffered a breach or incident of some sort," said Huw Edwards, CEO of Cyberfortress.
Edwards said Cyberfortress focuses on small businesses that have an online presence.
"We are looking to offer a simple business interruption policy that pays out within 24 hours of small businesses that have been impacted by a cyber-attack," Edwards said.
He said Cyberfortress plans to offer policies next year.
"Traditionally, small business might buy their property or liability insurance from a broker. We don't feel that that broker is well equipped to understand the cyber risks and the needs of small business when purchasing cybersecurity insurance," Edwards said. "And we think the best person for that is their cybersecurity software provider, their web hoster. Maybe it's their IT services. We are trying to target those businesses through those distribution channels."
Edwards said several current insurance options target large companies.
"With our experience with small businesses, over 25,000 small businesses at Jungledisk, and helping them with their cybersecurity needs and service to protect them from hackers, ransomware. We realized what small businesses want and need is a peace of mind from the unknown and known," Edwards said.
CyberFortress currently has a team of five, but Edwards hopes to expand and hire more people over the next year.
CyberFortress was founded by Edwards and four other employees who were originally part of Jungle Disk.
CyberFortress and Jungle Disk are two companies in the Porthcawl Holdings portfolio where Edwards, CyberFortress CEO, and Bret Piatt, Jungle Disk CEO, are on the board of directors.
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