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Brazil's PSafe partners with AIG to offer insurance against ransomware

PSafe and CyberLabs, which merged operations back in February, were responsible for spotting mega data leaks in Brazil, including one in January of over 223 million individuals in the country

Marco DeMello, CEO of PSafe and president of the CyberLabs Group. Photo
Marco DeMello, CEO of PSafe and president of the CyberLabs Group. Photo: CyberLabs Group/Courtesy
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PSafe, the cybersecurity unit of deep-tech firm CyberLabs Group announced on Tuesday that is joining the global insurance firm AIG to offer its enterprise customers ransomware insurance at no additional cost.

The insurance offered by Brazil’s AIG Seguros for PSafe dfndr enterprise customers grants coverage for beneficiaries that have been victims of ransomware infection, with a liability limit of BRL $1,000 per device protected by dfndr enterprise, at the time of ransomware infection, capped at BRL $1 million per company, per incident.

Dfndr enterprise is PSafe’s software as a service solution against data leakage and digital threats.

READ ALSO: Marco DeMello, from CyberLabs Group: “AI will change our world in ways that we can’t even predict right now”

According to the company, the insurance will be made available at no extra cost to all companies with more than 300 devices (computers, cell phones, etc.) protected monthly by the service.

“Before, companies had to deal with cybersecurity in just one office. Then, seemingly overnight, with so many people working from their homes, they now have to manage 100, 200 offices simultaneously,” said in a press release Marco DeMello, CEO of PSafe and president of the CyberLabs Group. “It is humanly impossible to guarantee the privacy of your data in so many spaces without a security solution.”

PSafe and CyberLabs, which merged operations back in February, were responsible for spotting mega data leaks in Brazil, including one in January of over 223 million individuals in the country.

READ ALSO: Brazilian CyberLabs and PSafe announce merger to support companies tackle digital security issues

DeMello points out that criminal actions have affected companies and organizations of all sizes and from different countries. “At the end of 2020, the Superior Court of Justice (STJ) [in Brazil] was the target of a ransomware attack that forced the suspension of the court’s activities for a week.”

“In May 2021, the largest pipeline network on the East Coast of the United States was invaded. The cyber attack paralyzed the flow of fuel and made the U.S. government declare an emergency until the situation was brought under control,” he adds.

Rio de Janeiro-based CyberLabs Group expects to reach revenues of BRL 100 million in 2021. In addition to Brazil, the company currently operates in the U.S. and in other Latin American markets.

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