Do you know how much cyber insurance your business should be paying for to be adequately protected? Do your clients have any kind of cyber insurance? Do you even understand cyber insurance? Well you will because Kirsten Bay is breaking the whole business down into plain English. You’ll learn how to evaluate your business’s risk, increase the value of the services you provide to clients, and what new changes are impacting MSPs that could increase your liability.
Businesses under $25 million in revenue are experiencing more cyber attacks than businesses over $25 million. Make sure you actually have the cyber insurance coverage that your business needs based on how much of what you do is online.
Around 88% of organizations outsource their IT infrastructure. This is the second most outsourced part of businesses behind only financial services.
There is a massive opportunity for MSPs to get involved with making sure their clients are insured properly. For the MSP, this means knowing how the business works and having good partnerships with cyber insurance companies.
MSPs need to be aware of new “Widespread Outage Clauses” which came out in January 2022. These mean that if there is a massive attack on anything software-related, the coverage could become completely useless, leaving the provider liable.
Every organization should make sure they have internal alignment as to the organization’s security posture.
More and more MSPs are seeing the value provided by offering bundled products to their client and adding cyber insurance to the bundle not only adds protection and value for the client it can also provide extra revenue for the MSP.
When selling cybersecurity and cyber insurance products, it’s important to impart to the customer the idea that bad things can happen to enterprise security. The solution likely can’t prevent everything, but it can reduce the severity and impact of those bad things.
Quote of the Show
“My view is, with risk comes opportunity. And the fact is, is that either way that risk exists, right? I mean, it's just a factor.” - Kirsten Bay