SAN FRANCISCO--(BUSINESS WIRE)--Embroker, the digital platform making it radically simple to get business insurance, today announced a partnership with LastPass, the award-winning password manager for businesses, to provide a single-destination, secure option for all customers looking for cyber protection. This partnership allows Embroker to better protect new and existing customers from potential cybersecurity attacks through LastPass’ password management and real-time dark web monitoring. Embroker chose LastPass as a key partner in this endeavor due to their market-leading expertise and expansive customer base. Their extensive offerings are essential for businesses, including administrator controls, reporting on login activity, directory integrations, federated login and much more.
Many business owners don’t understand how to fully protect themselves from cyber threats. According to a recent study released by Embroker, 63% of small business owners believe they are unlikely to face a ransomware attack. The same study showed that only 28% of these business owners have coverage for cyber crimes. However, data shows that these companies are clearly at risk: according to the Ransomware Taskforce, businesses with fewer than 500 employees were hit with 70% of the attacks in 2021.
“Embroker’s partnership with LastPass is driving innovation by combining market leading cyber insurance with best in class password management solutions,” said David Derigotis, Chief Insurance Officer (CIO) at Embroker. “As an insurance provider, this partnership brings Embroker’s cyber policies to life by turning them into an active, risk mitigating solution with the goal of protecting businesses from increased cyber threats.”
Given the quickly evolving nature of cybercrime, founders are unable to single-handedly mitigate cyber risks for their business. Embroker’s existing cyber insurance covers financial losses resulting from data breaches and other cyber crimes that may compromise sensitive company and customer information. In conjunction with Embroker’s robust insurance policies, LastPass adds another layer to secure businesses' digital presence and protect them against future risk.
“We’re excited to partner with Embroker to help more businesses around the country improve their cybersecurity posture,” said Amy Appleyard, Chief Revenue Officer at LastPass. “By implementing a strong password and identity management solution with multi-factor authentication, businesses can strengthen their cybersecurity strategy, help reduce risk, and potentially even benefit from lower cyber insurance premiums.”
This offering is currently available for all Embroker customers. LastPass Business customers will receive a discount when they purchase an Embroker cyber insurance policy, and is currently available for all customers to access here.
To learn more about Embroker’s Cyber Liability Insurance offering and services, click here.
Embroker is transforming commercial insurance by making it radically simple for businesses to get the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker uses predictive modeling powered by proprietary technology to fully automate underwriting and make the buying process simple, fast, and more affordable. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors. With a Net Promoter Score (NPS) of 70+, Embroker is also the highest rated business insurance company in the market.
LastPass is an award-winning password manager which helps more than 33 million registered customers organize and protect their online lives. For more than 100,000 businesses of all sizes, LastPass provides password and identity management solutions that are convenient, easy to manage and effortless to use. From enterprise password management and single sign-on to adaptive multi-factor authentication, LastPass for Business gives superior control to IT and frictionless access. For more information, visit www.lastpass.com. LastPass is trademarked in the U.S. and other countries.