FireEye and ACE Group Announce Strategic Alliance to Mitigate Cyber Risk
New offering pairs leading technical expertise from FireEye with pioneering cyber insurance from ACE to more effectively manage cyber risk for organizations worldwide
MILPITAS, Calif. – May 18, 2015 – FireEye, Inc. (NASDAQ: FEYE), the leader in stopping today’s advanced cyber attacks, today announced a strategic alliance with ACE Group, a global property and casualty insurer. The relationship brings together expert technical insight from FireEye to assess an individual organization's threat exposure, with ACE’s Loss Mitigation Services program, a multi-tier offering that helps organizations fully understand and mitigate their cyber security risk. Together, the companies will offer improved visibility into the cyber security preparedness of each client, allowing cyber insurance to be tailored specifically for their risk profile.
Today’s changing threat landscape makes it impossible for even the most security-conscious organization to guarantee they will not be the victim of a cyber attack. Traditional defenses are proving ineffective against increasingly sophisticated threat actors, making breaches inevitable. The current state of cyber security requires a dual focus by companies: increase protection to reduce the likelihood of an attack; and insure themselves against the losses in the event that an attack is successful.
The alliance offers a new way for the insurance industry to help cyber policyholders. FireEye will provide its leading technology, threat intelligence and expertise to help monitor for suspicious activity, provide context for security alerts and respond to any level of breach. It will enable threat intelligent underwriting and claims to provide risk transfer acceptance and make claim decisions based on the current and available threat intel – ultimately resulting in combined operational and financial resilience in case of a security breach.
“Risk mitigation is at the heart of all security,” said Steve Pataky, vice president of worldwide channels and alliances at FireEye. “Our alliance with ACE Group is a natural fit as it allows organizations to assess and address their exposure to cyber threats and minimize this exposure across the risk spectrum.”
In addition to incident response, FireEye will offer four tiers of services to ACE policyholders:
Cyber Threat Education Session: Countering persistent threat actors that are politically or financially motivated requires an understanding of how and why these attacks happen. In this one-hour session, FireEye will educate ACE policyholders on why traditional defenses such as firewall and anti-virus are sometimes limited in the detection, prevention and investigation of today’s targeted attacks.
Cyber Strategy Technology Briefing: Using a pre-assessment survey, FireEye will assess the ACE policyholder’s ability to detect and respond to an Advanced Persistent Threat (APT), deliver a three-hour briefing on the current threat landscape, and provide high-level recommendations on improving their incident response plans.
Cyber Threat Health Check: This technology-based assessment provides a more in-depth view of an organization’s security environment without the use of extensive software deployments, allowing a less intrusive assessment of their security posture.
FireEye as a Service™: FireEye analysts will act as an extension of the organization’s cyber security team, providing insight and intelligence from the front lines of incident responses, proactive hunting for Indicators of Compromise (IOCs) in their environment, and around-the-clock monitoring for indications that a cyber attack has bypassed technology defenses.
“ACE has been at the forefront of the cyber insurance market since the very beginning,” said Michael Tanenbaum, Senior Vice President, ACE Professional Risk. “We understand that implementing a comprehensive information security program is essential for organizations, but can be daunting for even the most seasoned professionals. ACE introduced Loss Mitigation Services to streamline the execution of a comprehensive security process for our policyholders. The formation of this alliance is another step in providing policyholders the optimal tools to detect attacks and understand the risks these attacks pose to their most valued assets.”
About FireEye, Inc.
FireEye has invented a purpose-built, virtual machine-based security platform that provides real-time threat protection to enterprises and governments worldwide against the next generation of cyber attacks. These highly sophisticated cyber attacks easily circumvent traditional signature-based defenses, such as next-generation firewalls, IPS, anti-virus, and gateways. The FireEye Threat Prevention Platform provides real-time, dynamic threat protection without the use of signatures to protect an organization across the primary threat vectors and across the different stages of an attack life cycle. The core of the FireEye platform is a virtual execution engine, complemented by dynamic threat intelligence, to identify and block cyber attacks in real time. FireEye has over 3,400 customers across 67 countries, including over 250 of the Fortune 500.
This press release contains forward-looking statements, including statements related to expectations, beliefs and objectives with respect to the strategic alliance between FireEye and ACE Group and the features, benefits and availability of offerings associated with the strategic alliance. These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause FireEye's results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, customer demand and adoption of the offerings associated with the strategic alliance; future agreements between FireEye and ACE Group; the ability of FireEye and ACE Group to execute their strategies, plans and objectives with respect to the strategic alliance; and general market, political, economic, and business conditions; as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in FireEye's Form 10-K filed with the Securities and Exchange Commission on March 2, 2015, which is available on the Investor Relations section of the company's website at investors.FireEye.com and on the SEC website at www.sec.gov. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and FireEye does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Any future offering, feature or benefit that may be referenced in this release is for information purposes only and is not a commitment to deliver any offering, feature or benefit. FireEye reserves the right to modify future offerings at any time.
© 2015 FireEye, Inc. All rights reserved. FireEye and FireEye as a Service are registered trademarks or trademarks of FireEye, Inc. in the United States and other countries. All other brands, products, or service names are or may be trademarks or service marks of their respective owners.
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