As you may know, the cyber insurance market has been hardening due to the recent increase in threats, specifically ransomware attacks. In order to stem losses, insurance carriers are increasing technical requirements and raising premiums. According to a senior analyst at Forrester, premiums grew 18% in Q1 of 2021 then up to 34% Q4 of 2021. Insurance carriers are trying to ensure they don’t suffer great losses from threats, and businesses should be doing the same.
Managed Service Providers (MSPs) that serve the needs of the small and medium sized business community are in a great position to help their clients deal with the changes in the cyber insurance market. Many MSPs are beginning to build tech stack packages designed to comply with many of the carrier requirements. The good news is that what is required are services or solutions the MSPs already have.
- Patch Management
- Email Filtering
- Offsite Backups and Backup Testing
- Multi-Factor Authentication (particularly for admin and remote access)
- Endpoint Detection and Response (EDR)
- Next-Generation Anti-Virus
- Security Awareness Training
Putting these solutions into a package and offering to customers will put them in the best position to reduce risk and obtain cyber insurance for themselves and but you in the best position to reduce your overall risk as more of your clients become insured.
And reduced risk is what all companies are looking for.
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.