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Microsoft Partners with At-Bay to Enhance Cyber Insurance Coverage
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Microsoft Partners with At-Bay to Enhance Cyber Insurance Coverage

Technology major Microsoft (MSFT) recently announced that it has joined hands with cyber insurance company At-Bay. This partnership comes as part of Microsoft’s multiyear initiative to help the insurance industry create data-driven effective cyber insurance products backed by its security solutions.

Following the news, shares of the company gained marginally to close at $284.86 in extended trade on Wednesday.

To protect its customers from data breaches and ransomware attacks, some insurance providers have been offering policies to mitigate these risks but seem to be struggling due to a lack of specific expertise.

Microsoft is deliberating with At-Bay to identify additional ways to improve the digital risk exposure of its customers and efficiently address the same. The offer will be available through At-Bay’s broker community, and customers using any version of Microsoft 365 can take advantage of it.

The Corporate Vice-President of Security, Compliance & Identity (SCI) Business Development at Microsoft, Ann Johnson, said, “Microsoft’s partnership with At-Bay brings important clarity and decision-making support to the market as organizations everywhere seek a comprehensive way to empower hybrid workforces with stronger, centralized visibility and control over cloud applications boosting security and productivity.” (See Microsoft stock chart on TipRanks)

Recently, Tigress Financial analyst Ivan Feinseth reiterated a Buy rating on the stock. The analyst, however, raised the price target from $303 to $366, which implies upside potential of 28.9% from current levels.

The analyst expects Microsoft’s cloud business to witness robust growth and help the company drive its quarterly results. Further, the analyst believes that the company’s recently announced dividend hike and share repurchase program makes it an attractive choice for investors.

Consensus among analysts is a Strong Buy based on 22 unanimous Buys. The average Microsoft price target of $336.19 implies upside potential of 18.4% from current levels.

Microsoft scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 35% over the past year.

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