Insurance carriers are seeing an increase in losses, particularly from ransomware, which means they want to make sure their insureds have the proper security controls in place in order to qualify for insurance. This creates an opportunity for MSPs and MSSPs to play a leading role in both maintaining the security posture and insurability of their company or client.
As you probably know, cyber insurance can go a long way to keep your clients’ businesses going should an attack occur. With increased requirements and constantly changing technology, MSPs and MSSPs can be there for their clients with what they need do to stay insurable and secure.
While the security control requirements may vary, they present an opportunity for the MSP or MSSP to offer security related solutions that insurance carriers are requiring. Here are some key areas that will help to keep your clients insurable.
- Utilize Multi-factor Authentication (MFA) whenever possible, MFA is where you use some alternate means of identification in addition to a password. This is an easy way to add an additional layer of protection from hackers.
- Endpoint Detection and Response (EDR) tools help to quickly identify when someone is attempting to access a system and prevent an attack.
- Incorporate back-up processes, including remote offsite backup, and regular data recovery testing to be sure the backups can be restored if needed.
- Enable Automatic Patching and patch management, which is there to strengthen security flaws and to ensure that your client is never left exposed to threats.
- Vulnerability Management is crucial for preventing cybersecurity breaches, this includes routine scanning and remediation, and a framework in place to regularly check for new vulnerabilities.
- Security Awareness training and Phishing simulations can help to inform your client and their team on how to detect and protect against cyber threats.
If an MSP or MSSP hasn’t already done so, they should consider packaging these solutions (and perhaps additional solutions) which not only put their clients in the best position to be insurable but also make them better clients for the MSP/MSSP itself.
About the Author:
Doug Kreitzberg– Founder & CEO of SeedPod Cyber
As CEO of USI Affinity and Programs (2004-2018), Doug led affinity business development, marketing and program businesses, including professional liability, commercial property & casualty, personal lines and life and disability Programs. In 2018, Doug founded a cybersecurity and data privacy risk consulting firm. It was through his consulting practice that he learned the value that Managed Service Providers bring to small and medium sized businesses. That insight formed the basis for SeedPod Cyber, a cyber insurance managing general agency Kreitzberg founded in 2021 which partners with Managed Service Providers to provide cyber insurance to their clients.
