The increasing frequency and severity of ransomware attacks are driving significant changes in the cyber insurance market. The May 2021 attack on Colonial Pipeline Co. showed—or rather, confirmed—just how vicious and financially damaging these events can be. Unsurprisingly, cyber security insurers are taking steps to limit their exposure to losses from cyberattacks. While some of these changes are small and reasonable, like requiring broader use of MFA, insurers like Lloyd’s of London are also moving to place tighter exclusions around state-backed cyberattacks within their policies, which is causing a lot of frustration in the industry, especially among MSP businesses.
As an MSP’s role is to manage their clients’ IT assets, data, and business processes, they have become an attractive attack vector for cybercriminals. In fact, in a recent report, N-able found that MSPs are fast becoming primary targets for cyberattacks, with 90% having seen an increase in attacks on their business since the pandemic started. This means that insurers now see MSP businesses as representing a greater risk, and as a result MSPs applying for cyber insurance cover are seeing tougher application criteria and increased rates.
In this blog, I’ll highlight some key things MSPs should keep in mind when applying for cyber insurance and some best practices to help them navigate the process of getting proper cyber insurance cover, as well as how having the right tools (from EDR to data protection) can help reduce perceived risk. Read all the details here.
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