Coverdash and Drata Team Up to Automate Cyber Insurance Component of SOC-2 Compliance
We’re excited to announce Coverdash’s partnership with Drata: the world’s most advanced security and compliance automation platform. Drata automates your compliance journey from start to audit-ready and provides continuous support from the security and compliance experts who built it. Through our embedded insurance capabilities, Coverdash enables Drata's client to source required cyber insurance and check off SOC-2 cyber security insurance requirements without leaving Drata’s portal.
At Coverdash, we've analyzed data from all the cyber insurance policies we've written, and the results are clear: SOC-2 compliant companies are reaping substantial benefits, slashing their yearly cyber insurance spend by 15-20%.
Moreover, the ability to even receive quotes from cyber insurance carriers can hinge on SOC-2 compliance. Failure to meet SOC-2 standards can lower your ability to get quotes from carriers by 15-25%.
Currently, only 17% of SMBs in the US have cyber insurance, and even fewer are SOC-2 compliant. With cyberattacks on the rise, especially within the SMB community, the combination of cyber insurance and a SOC-2 certificate is the best way to avoid the disastrous consequences of a data breach.
At Coverdash, we understand the importance of safeguarding your business while keeping costs manageable. Our embedded partnership with Drata combines the benefits of cyber insurance with SOC-2 compliance to help your business fight back against cyber crime and continue to prioritize what matters most.
About Drata
Drata is the world's most advanced security and compliance automation platform with the mission to build trust across the cloud. With Drata, thousands of companies streamline over 20 compliance frameworks—such as SOC 2, ISO 27001, GDPR, and more—through continuous, automated control monitoring and evidence collection, resulting in a strong security posture, lower costs, and less time spent preparing for annual audits. The company is backed by ICONIQ Growth, GGV Capital, Alkeon Capital, Salesforce Ventures, Cowboy Ventures, S Ventures, Leaders Fund, Okta Ventures, SVCI, SV Angel, Intuit Ventures, and many key industry leaders. For more information, visit drata.com.
About Coverdash
Founded in 2022, Coverdash is a fully-digital business insurance agency committed to transforming the business insurance process for startups and small businesses. Coverdash's revolutionary embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash serves all startups and SMBs from pre-formation all the way to Series D+. The company is headquartered in New York and is a licensed insurance agency across all 50 states.
Interested in partnering with Coverdash? Check out: https://www.coverdash.com/partner