Cyber Insurance Market: Simplified Workflow for MSPs

See full article as published on MSSP Alert – July 8, 2022 by Joe Panettieri 

This is an Abbreviated version

Venture capital firms continue to invest in the cyber insurance market, which is rapidly evolving into an ecosystem of brokers working with cybersecurity software vendors. Take a closer look, and there are signs that MSPs and MSSPs are gaining improved workflows that could simplify the cyber insurance application and approval process.

The latest example moves involve separate developments from Coalition and Apollo Brokers; plus a partnership involving ControlCaseConnectWise and FifthWall Solutions.

Cyber Insurance for MSPs and MSSPs: Simplified Solutions?

Amid continued ransomware attacks, demand for cyber insurance continues to surge. Indeed, the global cyber insurance market will reach $29.2 billion in 2026, up from $11.9 billion in 2022, according to Research and Markets. That’s a 19.6% compound annual growth rate (CAGR), the research firm indicates.

Still, MSPs and MSSPs face multiple challenges while navigating the cyber insurance market. Indeed, insurers know service providers are prime targets for cyberattacks — and that means MSPs and MSSPs must now complete lengthy, detailed questionnaires from insurance providers. Moreover, cyber insurance rates are generally rising because of increased payouts.

Amid that backdrop, MSPs and MSSPs are seeking simplified cyber insurance solutions from companies that truly understand and align with cyber insurance providers. In response, companies such as ControlCaseConnectWise and FifthWall Solutions have been partnering to streamline and automate the cyber insurance application and approval process.

Related Insights

Discover More

Wes Spencer Joins FifthWall Solutions as VP, Channel Chief

Wes Spencer Joins FifthWall Solutions as VP, Channel Chief

FifthWall Solutions hires Wes Spencer as Channel Chief! Spencer brings deep CISO, MSP and MSSP credentials to FifthWall. “While we’ve seen loss ratios for cyber insurance as high as 100%, I believe we can design a better process that reduces those loss ratios and moves the entire channel forward in security maturity across the board.”

read more
Why Cyber Insurance is Changing the Game for MSPs

Why Cyber Insurance is Changing the Game for MSPs

There are similarities between Tech E&O and cyber insurance. Cyber insurance focuses on security breaches that harm your company or your clients’ private information. Tech E&O covers the services you provide to clients for IT and cybersecurity.
Both protect against cyber threats!

read more