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.
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 ControlCase, ConnectWise and FifthWall Solutions have been partnering to streamline and automate the cyber insurance application and approval process.