Info-Tech releases blueprint to help MSSPs thrive in the evolving cyber insurance scene
Info-Tech Research Group has released a new blueprint, "Launch Cyber Insurance Support Services," designed to assist their clients in meeting heightened insurance requirements.
The cyber insurance industry is undergoing a significant transformation, driven by the rise of sophisticated cyber threats, including AI-powered attacks. As a result, insurers are demanding stricter security measures from potential clients, including multi-factor authentication (MFA), penetration testing, and comprehensive incident response plans.
This is especially challenging for smaller enterprises, which often lack the resources to meet these stringent demands. Consequently, they risk scoring higher premiums, limited coverage, or even losing access to insurance altogether.
A strategic solution for MSSPs
Info-Tech's blueprint provides a framework for MSSPs to become valuable partners for their clients throughout the cyber insurance lifecycle. By effectively collaborating with both insurers and their clients, MSSPs can help organizations:
Conduct thorough risk assessments: Identify and quantify potential cyber risks, aligning assessments with evolving industry standards and insurer requirements.
Select appropriate insurance policies: Analyze risk assessments to recommend insurance policies that effectively transfer risks while considering coverage limits, deductibles, and exclusions.
Support the underwriting process: Prepare comprehensive documentation and participate in on-site audits to demonstrate a strong security posture.
Implement and maintain robust security controls: Continuously monitor and audit security controls, conduct regular penetration testing, and update security measures based on the latest threat intelligence.
Effectively respond to security incidents: Coordinate with insurers during incidents, minimize disruption, and maximize recovery efforts.
Manage claims effectively: Prepare detailed claims documentation and collaborate with insurers to ensure prompt and efficient claim resolution.
Renew insurance policies effectively: Regularly assess the effectiveness of cybersecurity practices and adjust insurance coverage based on evolving risk profiles and emerging threats.
"Today, the cyber insurance industry stands at an inflection point, recognizing that previous approaches to security were ineffective and unsustainable," said Justin St-Maurice, Principal Research Director at Info-Tech Research Group. "Insurers now demand robust due diligence and comprehensive security controls, meaning only organizations with mature security postures will qualify for coverage. As the bar for insurance eligibility continues to rise, customers around the world are scrambling to meet these new requirements."
By leveraging the insights provided in this blueprint, MSSPs can position themselves as essential partners in helping their clients navigate the evolving cyber insurance landscape and achieve long-term success.
