Microsoft
MSFT
teamed up with At-Bay to
provide
business enterprises with data-driven cyber insurance coverage products through Microsoft security solutions as well as Microsoft 365.
Under this agreement, all enterprises that deploy Microsoft 365 are eligible for up to a 15% savings on their At-Bay cyber insurance policy premiums from Oct 1, 2021. Since the announcement, shares of Microsoft have gained 1.8% and closed at $289.10 on Oct 1.
Enterprises can avail this offer only if they apply specific security controls and solutions like multifactor authentication and Microsoft Defender for Office 365, noted the software giant. The offer is available via At-Bay’s broker community to all clients using Microsoft 365 (any version).
The Microsoft and At-Bay collaboration is aimed toward helping organizations to gain increased control and centralized visibility for its cloud applications as well as augment the security posture of the company amid hybrid work innovation, added the tech giant.
At-Bay specializes in helping businesses to protect operations from increasing digital/cyber risk by offering first and third party cyber insurance coverages. It also offers valuable input pertaining to improvement of the security infrastructure of the company’s data and operations.
Microsoft Corporation Price and Consensus
Microsoft Corporation price-consensus-chart
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Microsoft Corporation Quote
Increasing Need for Cyber security Bodes Well
Per a Mordor Intelligence report
, the cybersecurity insurance market is expected to witness a CAGR of 24.3%, between 2021 and 2026.
Rising instances of sophisticated cyberattacks in the wake of COVID-19 crisis as hackers take advantage of continuation of remote work as well as mainstream adoption of hybrid/distributed work model has emerged as a serious threat for enterprises.
According to the Mordor Intelligence report, which cited Center for Strategic and International Studies (CSIS) and McAfee, global cost of cybercrimes like damage of data, lost property and intellectual property theft was hovering around $600 billion.
Insurance providers have begun to formulate insurance policies that help businesses to protect themselves better against breaches, malware, distributed denial-of-service (DDoS) and ransomware attacks. Cyber Insurance products
cover
various cyber risk losses and help in speedy recovery for the affected companies.
Cybersecurity insurance along with agile cybersecurity defense aids enterprises in managing the overall security posture of the company.
Microsoft stated that it is collaborating with insurers to help them cater to evolving cybersecurity requirements of their clients as well as lower risk of loss for insurers by providing enhanced data visibility and standardized controls.
Zacks Rank & Other Stocks to Consider
Microsoft currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are
Paycom
Software
PAYC
,
HP Inc
HPQ
and
Avnet
AVT
. All the stocks sport a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Paycom, HP Inc and Avnet is pegged at 25%, 8.2% and 25.4%, respectively.
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