What’s the Deal with Cyber Insurance?
Cybersecurity insurance provides protection against financial losses from cyberattacks, which are not covered by traditional insurance. Cyber insurance covers more than just data breaches. Other coverage includes customer loss, business disruption, regulatory fines, and more. Managed service providers (MSPs) are in a prime position to help customers qualify for coverage.
A Lucrative Opportunity for MSPs
MSPs have an exciting business opportunity here. Cyber insurance is a growing requirement for businesses and can be the driver your customers need to adopt better security solutions. Customers cannot do this alone. You are perfectly positioned to provide and expand the security solutions they require to qualify for insurance coverage. Also, it improves your relationship with your customers if you get them the best security coverage in general.
5 Cyber Insurance Actions for MSPs
Understand Coverage Options
Know the cybersecurity policies and coverage options from the top insurance providers available to your customers. Knowing the scope of coverage and any exclusions in the policy will help identify upsell opportunities.
Safeguard MSP Business
Protect your own business with cyber insurance so you’re not financially impacted if attacked by cybercriminals. Extend coverage to protect your business if one of your customers falls victim to a breach.
Inspect Customer’s Security
Audit customer security toolsets to ensure they satisfy regulatory requirements. This is necessary to ensure a sound security posture and identify opportunities to add more value with additional products and services.
Pinpoint Solutions for Customers
Identify security solutions your clients should adopt to lower insurance rates and/or be approved for coverage. Most cyber insurance providers will lower their rates if businesses adopt comprehensive security solutions.
Keep Updated on Regulations
Stay up to date on the latest regulations and government requirements that impact cyber insurance. As your customers’ trusted advisor on security issues, they depend upon you to know what they should do to stay protected.
WatchGuard Partner Slashes Customer’s Cyber Insurance Rate
- Know your customer’s insurance policy and tech stack
- Audit customer’s security capabilities
- Identify the security solutions necessary to lower rates
- Follow up to find out if the new solution lowered insurance rate
WatchGuard Tools Work Easily with Cyber Insurance
Lower Insurance Rates With MFA
Your customers are not fully protected without enterprise-grade multi-factor authentication (MFA). MFA is a critical security layer for keeping customers safe from the ever-growing threat of cybercrime, and an easy first step to get approval for cyber insurance policies.
Implement Endpoint Protection
MSPs mitigate risk and lower cyber insurance policy rates by protecting customers with endpoint detection and response capabilities. Without endpoint solutions, your customers are at risk for data breaches. Avoid huge financial losses with the combination of cyber insurance and endpoint security.
Take a Unified Approach to Security
MSPs can help customers keep insurance rates low with a layered, unified security strategy. The WatchGuard Unified Security Platform offers tightly integrated and centrally managed security solutions that not only improve security efficacy but streamline operations.