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Why MSPs Need To Both HAVE And OFFER Cyber Insurance
Cyber threats are imminent . Security risks lie in wait . The potential for ruin is ready to strike . So , is protection in place for when it comes ? Although MSPs — and their clients — have become more aggressive with their cybersecurity posture against security risks and are implementing more advanced security services to protect their sensitive data and networks , all of the protection in the world doesn ’ t help at all WHEN a security breach inevitably happens and business comes to a screeching halt .
Cyber insurance today is now nonnegotiable , but the bad news is that cyber insurance providers are making qualifying much harder . The good news is that MSPs are increasingly turning to their partners for assistance to enhance their security setup and ensure compliance with relevant regulations .
Why You Must HAVE Cyber Insurance
1 . Obvious Protection From Financial Loss
This is your safety net ! Cyber insurance protects you from the financial losses caused by a cyber breach . This includes restoring lost data , legal fees , and other expenses . You cannot afford to NOT have cyber insurance .
2 . Access To A Range Of Services
Cyber insurance policies offer such services as incident response support , risk assessment , management , and legal assistance . This kind of support can be invaluable to MSPs in recovering from a cyberattack and restoring their clients ’ trust .
3 . Restoring A Destroyed Reputation
One of the most problematic effects of a data breach is negative media coverage . Ultimately , this can have lasting effects , becoming extremely damaging to a company ’ s reputation and overall survival . Many cyber insurance policies offer reputation management and crisis communication services , which can help mitigate the impact of a cyberattack on a company ’ s reputation . You may think you won ’ t need this . . . but isn ’ t that what insurance is for ? It ’ s the help you hope you never need , with the peace of mind that it ’ s there if you need it .
Why You Should OFFER Cyber Insurance To Your Clients
1 . Be An Essential ( And Irreplaceable ) Partner
This is the chance for you to become indispensable to your clients and to set yourself apart from the competition . Also , you can use this opportunity to improve their IT environment . It ’ s a win-win .
2 . It Is Your Duty To Help
By now , you should know that as an MSP , you must be involved to ensure that your clients can collect a full payout from an insurer in the event of a cyberattack . It is your responsibility to show written proof that the controls documented in the policy were followed . Without evidence , the policy is likely not to be renewed , regardless of any policies that have been in place with that insurance provider for many years .
3 . Allocate Budgets For Cyber Insurance Premiums
Cyber insurance premiums are on the rise , and MSPs should be prepared to augment their budget , which can be painful . IT and security management providers are listening . Kaseya , for example , recently announced the Kaseya Cyber Insurance Fast Track Program . Kaseya partners , customers , and end users leveraging its security suite — RocketCyber , Datto EDR , Graphus , BullPhish ID , and Dark Web ID — are immediately eligible for cyber coverage at discounted rates .
The cyber threats won ’ t stop , the security risks will continue to explode at an exponential rate , and the potential for ruin will keep getting closer and closer . Not only can MSPs not continue to operate without cyber insurance but you are doing both yourself and your clients a disservice if you aren ’ t at least having the conversation or offering it to your clients . Have that conversation NOW .
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