RapidFire Tools Inc., a Kaseya company and leading provider of business-building technologies for MSPs, has released Audit Guru for Cyber Insurance, the first compliance process automation tool designed to document and demonstrate “due care” by cyber insurance policy-holders, helping them to receive payout in the event of a claim.
Security breaches have become one of the biggest challenges for IT departments, with the average cost of a data breach in 2018 reaching $3.86 million, up 6.4 percent from the year before, according to a study by IBM and the Ponemon Institute. In the face of this mounting threat, the global cyber liability insurance market is growing rapidly, but many policies require businesses to adhere to specific conditions in order to be paid out if a claim is filed.
The market for cyber insurance is relatively new and, therefore, untested even though many organisations have prudently added this specialised coverage. The unanticipated threat policy holders may encounter can surface after a claim is made when instead of being protected, many companies find themselves hit twice—first as victim of a cyber attack and then again when their insurer denies the claim. From hidden language in the policy document, to special limits on certain types of network attacks and other exclusions, many businesses need to proactively document their security measures to make sure they adequately protect themselves.
If businesses fail to adhere to even one specific condition, the insurer might not pay out. In dealing with this exclusion challenge, organisations often adopt a manual paper-based approach that is time-consuming and error-prone. Automating the process of “due care” with Audit Guru is a more efficient, accurate way of ensuring cyber insurance compliance.
“With the recent explosive growth of confusing cyber insurance products coming to market, thousands of SMBs are purchasing policies filled with technical contingencies that could — and frequently do — void their claims,” said Michael Mittel, president and general manager of RapidFire Tools. “With the new Audit Guru for Cyber Insurance offering, we arm MSPs with the ability to systematically document and provide evidence that they meet the requirements set by top insurance carriers, effectively eliminating any guesswork when it comes to compliance and ensuring that claims are paid.”
Audit Guru for Cyber Insurance empowers MSPs with a methodical assessment process that combines automated data collection with a validation engine to verify and document compliance with cyber insurance requirements. Once installed on the policyholder’s network, Audit Guru regularly scans the environment to identify any changes that should be remediated, reducing the risk of denial of cyber insurance claims in the event of an incident.
“The threat of a data breach is a very real concern in today’s world, and having a tool, like Audit Guru for Cyber Insurance, that ensures compliance and therefore payout in the event of a claim is invaluable to safeguarding the future of our business,” said Adam Schwam, CEO, Sandwire. “The continued innovation we see come out of RapidFire Tools and the Kaseya family of brands is a testament to their commitment of delivering game changing solutions that enable us to stay ahead of the curve and continue to provide the best in class services our customers have come to expect.”