Check Point Infinity Global Services Saved Financial Services Organization up to 80% on Insurance Costs

In an inspiring success story, a leading financial institution achieved remarkable results by embracing Check Point Infinity Global Services (IGS) Managed Detection and Response (MDR) with Incident Response (MDR+IR) service. This strategic move not only strengthened their cybersecurity, but also delivered substantial financial benefits.

After initially receiving only two insurance renewal offers, the institution’s decision to implement MDR+IR led to a game-changing increase, with six competitive offers in hand. These new options brought extraordinary savings, slashing premiums by 42% to 87% compared to the previous year.

With cyberattacks at an all-time high, the need for cyber insurance has never been greater. At the same time, insurance premiums increased 11% in the first quarter of 2023, while the Wall Street Journal notes that insurers are “already questioning whether their current premiums are adequate for the risk they take on.” In the current threat climate, insurers are looking to strengthen underwriting standards and increase minimum cybersecurity requirements. While this increases the cybersecurity burden on organizations, there is a solution.

MDR+IR empowered the financial services institution to activate incident response and conduct comprehensive investigations before resorting to insurance claims. This control allowed them to make informed decisions, reducing unnecessary insurance activations and associated costs.

Additionally, the institution qualified for higher coverage amounts, bolstered by the synergy between Check Point Harmony Endpoint and MDR, further illustrating IGS’s value proposition.

Dan Wiley, Head of Threat Management and Chief Security Advisor, worked closely with the financial services institution on this project. As he explains, “we are increasingly seeing that customers who supplement their cybersecurity with prevention-focused MPR/MDR solutions are having easier conversations with their insurers. Not only do these services provide peace of mind to the customer but they may also relieve the pressure on insurance companies who are worried about covering the rising costs of data breaches.”

IGS is committed to delivering top-tier cybersecurity services that enhance security, while delivering significant cost savings to customers.

Ready to embark on your success journey? Contact us at services@checkpoint.com and visit our website at https://www.checkpoint.com/services/infinity-global/ to learn more about how IGS’s MDR+IR service can transform your organization’s security and financial resilience.