Author: Eddie Clark, Founder & CEO, Solve iT
A Charlotte, NC native, Mr. Clark was an early adopter of technology. In his teens, he was known for dabbling in hardware and operating systems and worked at a computer store at Southpark Mall. He started Solve iT in 2016, his second IT company, which serves the Charlotte Metro area, Western New Jersey, and Eastern Pennsylvania the location of their second office. His team continues to stay abreast of the latest technology to keep his clients safe from increasingly advanced cybercriminals through the development and implementation of client Cyber Security Programs based on the Computer Internet Security (CIS) top 18 standards.
“Our Journey as an MSP to Better Cyber Security Insurance Coverage for Us and Our Clients”
Sometime in 2020, it became clear as cyber security insurance prequalification questionnaires grew from a single page to multiple pages, that insurance companies were going to play a pivotal role in incident response planning for IT Managed Service Providers and their clients. Couple this with the rapid increase in cyber security threat actors, and the availability of threat kits on the dark web, and there was no doubt that Solve iT needed to be proactive in how we protect not only our own IT environment, but also those of our clients. After all, that’s why they are our clients in the first place.
The Gap Between Insurance Providers and IT Understanding
Working with clients in the financial services vertical and understanding this need, we began asking our insurance industry contacts if they would like to partner with Solve iT and work together in meeting the demand. What we found was that most insurance companies shied away from cyber coverage simply because they didn’t understand or have even basic comprehension of IT.
Surprisingly, we found that some carriers began dropping coverage depending on the type of attack, thus creating exclusions in their coverage. To be clear, insurance coverage is the option of last resort… ALWAYS. A Cyber Security Program is needed in nearly every case that addresses the three pillars of cyber security. Regardless, it became clear with increasing frequency that claims would get denied by the carrier because a business owner attested that they had a protection mechanism or policy in place when they really did not.
The Complexity of Cyber Security Insurance for Businesses
Whether misreporting was intentional or not is irrelevant. Claims were denied. The landscape evolved to a point where navigating the overlap in IT cyber security and cyber insurance coverage was too much for the ordinary human business owner or executive to handle.
This scenario snowballed rapidly, which in turn made attaining and keeping adequate coverage as businesses grow increasingly difficult for our clients and in turn for Solve iT. It also spawned a new niche market in both the insurance and IT verticals.
The Partnership Between Solve iT and SeedPod Cyber Insurance
This is about the time that Solve iT met SeedPod Cyber. An introduction between Eddie Clark, President of Solve iT, and Doug Kreitzberg, Founder of SeedPod Cyber, was like a breath of fresh air. Finally, Solve iT found a cyber liability specialist who could help bridge the gap!
As a result, we began the process of stringent security and internal process review with SeedPod. This was no easy task for us, but definitely worthwhile. Meeting or exceeding the technical needs of most insurance carriers means that it’s easier for our clients to engage with SeedPod and enjoy the same discounts that we get, just because they are on our IT Managed Services & Support plan.
Among the Benefits of our Cyber Security Insurance Partnerships Further, is that it opens the conversation more fully regarding Cyber Security Managed Services with our clients. By partnering with SeedPod Cyber, we have been able to engage in deeper and more meaningful discussions around the importance of comprehensive cybersecurity strategies. This collaboration has allowed us to educate our clients on the need for proactive measures beyond just basic insurance coverage, emphasizing the importance of robust cyber policies, employee training, and regular vulnerability assessments.
This expanded dialogue has been invaluable, not only in enhancing the security posture of our clients but also in helping them meet increasingly stringent industry compliance requirements, such as those found in sectors like healthcare, finance, and legal services. For clients operating in highly regulated environments, having a strong Cyber Program is not just a best practice—it’s a necessity. Through these conversations, we’ve been able to identify gaps in their current security frameworks and tailor solutions that meet both their operational needs and regulatory obligations.
This partnership has provided us with another set of expert eyes on our own internal processes. The security reviews and assessments conducted in collaboration with SeedPod have allowed us to continuously refine and improve our own cybersecurity practices. As a result, we are not only better equipped to protect our clients but also to safeguard our own infrastructure against ever-evolving cyber threats. Ultimately, these conversations strengthen the trust between us and our clients, positioning us as a proactive partner in their cybersecurity journey rather than just a service provider.
Solve iT’s Value Add to Clients
Today, as a part of our regular quarterly meetings with clients, we make it a priority to address the topic of cyber coverage at least once a year. During these discussions, we review the current state of their cybersecurity policies and ensure they are aligned with the latest threats and industry standards. We also encourage clients to work closely with SeedPod Cyber to assess their existing insurance coverage and identify any potential gaps. This collaboration often reveals opportunities for clients to not only enhance their coverage but also secure more competitive rates by implementing stronger security measures. By proactively revisiting these conversations, we help clients stay ahead of evolving cyber risks and ensure they remain adequately protected.
This ongoing dialogue is a key value add that Solve iT provides to our client base, and it plays a significant role in building long-term trust and strengthening our relationships. By taking the time to address cyber security insurance and cybersecurity as integrated parts of their business strategy, we position ourselves as a trusted advisor rather than just an IT service provider. Clients appreciate that we go beyond the basics, guiding them through the complexities of both cybersecurity and cyber security insurance, which ultimately reinforces their confidence in our ability to safeguard their operations. This level of engagement not only differentiates Solve iT from competitors but also ensures that our clients are better equipped to navigate the challenging landscape of cybersecurity and insurance.
Businesses require more than choosing between cybersecurity or insurance, they need a combination of both. Businesses can be both shielded from cyber threats and financially secure in the event of an incident, appreciating the 40% discount available through the SolveIT / SeedPod Cyber Partnership. This powerful combination ensures your business remains resilient and prepared for any challenge. Learn more about comprehensive cyber insurance, ensuring confidence that your company is protected on every front.
