As organizations face increased data breach risk, MSP partners face increased liability and legal risk in tandem. As a result, many MSPs are obtaining cyber insurance to support their own risk mitigation efforts and cover financial costs in the event of a customer-related breach. However, in many cases, cyber insurance applications and questionnaires can be a costly and complex process for MSPs to navigate.
Cyber insurance providers rely on cybersecurity posture assessments to determine coverage and premium rates, however MSPs can be challenged to efficiently and accurately aggregate the risk data needed to demonstrate a robust cybersecurity posture. Cavelo and DataStream together represent a simplified approach to managing cyber risk. Customers leveraging this offer can expect to reduce their cyber insurance premium by 10 percent or more.
“The cyber insurance process is evolving in step with rising breach costs, and it can be a daunting and time-intensive process for MSPs,” said James Mignacca, CEO at Cavelo. “Through this offering MSPs can use the Cavelo platform to enrich cybersecurity posture data while leveraging DataStream’s application process to source cyber insurance coverage. With accurate liability insights, the application process is simplified and MSPs can secure a more cost-effective policy that reflects their real risk.”
DataStream Insurance helps organizations obtain comprehensive cyber insurance coverage while providing a suite of services that include cybersecurity assessments, data analysis of cyber risk in financial terms, cybersecurity training and post-incident services including financial, legal and technical support. The Cavelo platform and its risk benchmarking capabilities helps MSPs identify and quantify their security maturity and potential risk, thereby meeting and demonstrating due diligence questionnaire requirements.
“We’re thrilled to be partnering with Cavelo,” said Paul Guthrie, Managing Director of DataStream Insurance. “The insurance industry thrives on transparency and data; continuing to bring the security and insurance worlds together helps all of us find efficient outcomes and stay safe in the face of expanding cyber threats.
“This approach is unique to the market in that it’s exclusively designed to help MSPs manage cyber risk,” said Mignacca. “Countless businesses rely on MSPs for threat protection, and through this joint offering MSPs can count on DataStream and Cavelo to enrich their cybersecurity posture while protecting their own organization from breach impacts.”
