The MSP’s Role in Cyber Insurance
Prioritizing cyber insurance in a comprehensive information security program is a relatively new concept and navigating the process can be confusing. Even insurance companies sometimes have a hard time keeping up with the changing landscape. But this confusion offers MSPs an opportunity to step in as allies, not only setting their clients up for success but also providing continuous monitoring to meet the ever-changing requirements of insurance carriers.
In a recent Apptega Webinar, Reid Wellock, president at FifthWall Solution, and Wes Spencer, VP of cybersecurity strategy at CyberFOX, shared their tips for how MSPs can help their clients seeking cyber insurance coverage and the additional revenue opportunities this offering presents.
Navigating the Complexities of Cyber Insurance
Due to the recent surge in demand for cyber insurance and the rapidly evolving threat landscape, carriers often have to act on little data and experience when writing policies. Traditionally, payouts have frequently exceeded carrier expectations, resulting in increases in premiums, leading to clients facing more stringent controls and requirements for securing cyber insurance coverage. This is exactly where MSPs can help.
What qualifies as sufficient protection today may not meet tomorrow’s standards; and to avoid gaps in coverage or claim denials, clients must continuously meet the evolving controls set by insurers. MSPs can provide clients with 24/7 monitoring and implement a comprehensive range of security tools to ensure clients remain compliant with the latest requirements, safeguarding their insurance coverage and claims eligibility.
Further, obtaining the right cyber insurance policy at a competitive price requires thorough preparation. Insurance carriers view well-prepared clients as less risky and are more likely to offer beneficial policy terms – and MSPs can assist clients in meeting all necessary controls and being well-prepared for the insurance application process.
As the old adage goes, “Failing to prepare is preparing to fail.” But with the help of MSPs, companies can bolster their defenses, ensuring they are well-protected and operating efficiently in the eyes of insurers.
Understanding Coverage with MSP Guidance
Another issue that companies run into when applying for cyber insurance is the complexity of insurance applications and language. Not all cyber insurance policies are the same and applications can be up to 50 pages long. Because of this, clients often find it challenging to decipher the specifics of their coverage.
MSPs can be invaluable for navigating the application process. Because of the deep understanding of their clients’ technological landscape, they are perfectly positioned to help decode insurance jargon and clarify the specific coverage options available to ensure that clients are adequately protected and aware of the scope of their policy, thus reducing potential misunderstandings when filing claims.
Insurance carriers also increasingly require program governance as a prerequisite for cyber insurance eligibility. This means having dedicated cybersecurity professionals, such as chief information security officers (CISOs), on board. In cases where clients don’t have the internal resources, MSPs can fill this gap by offering their expertise and becoming a named provider within the client’s security program.
Preparing for the Inevitable
With cyber insurance coverage in place, clients benefit from having a safety net for potential recovery costs should a cyber incident occur – and MSPs play a crucial role in helping clients shore up their defenses, ensuring they are protected and operating optimally to mitigate risks.
Watch the full webinar here.
*** This is a Security Bloggers Network syndicated blog from Apptega Blog authored by Natalie Anderson. Read the original post at: https://www.apptega.com/blog/msps-role-in-cyber-insurance
