Why Is Cyber Insurance So Hard to Get and What to Do About It?
Today, organizations of all sizes find that obtaining and maintaining cyber liability coverage has become increasingly costly, complex and confusing. Premiums skyrocketed by over 50% in 2022, following 73% premium growth in the prior year. Moreover, experts predict a 25 to 100% increase in cyber insurance premiums in 2023. At the same time, the policy coverage limits are shrinking while the incident recovery costs continue to grow.
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Obtaining cyber insurance can be frustrating
Organizations are increasingly frustrated by the stringent qualification process, with an ever-expanding amount of application paperwork and hundreds of questions to answer. Cyber insurance companies require, as part of intense underwriting scrutiny, that applicants adhere to specific cybersecurity frameworks and have controls and audits in place to assure compliance. As a result, the application and approval process is taking much longer than before.
The likelihood of a cyberattack occurring at some point makes a cyber liability policy an absolute necessity. However, the protections organizations have in place greatly influence their ability to purchase and maintain cyber insurance coverage.
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Multiple security tools are often required
Most cyber insurance policies today require having endpoint detection and response, managed detection and response (i.e., Managed SOC) and security awareness training services in place, in addition to other commercially reasonable security tools, such as antivirus and firewalls.
Because organizations need multiple security tools to qualify for cyber insurance, IT teams have to work with multiple vendors to procure all necessary solutions. Dealing with numerous bills, support teams, release schedules and other hassles of having multiple vendors results in “vendor fatigue,” wasted time and higher costs.
At Kaseya, we address these considerable challenges in two ways. First, we offer multiple cybersecurity solutions that cover all vulnerability areas and are technically and commercially integrated with one another. This ensures comprehensive protection, streamlines your IT operations, eliminates vendor fatigue and lowers your overall cybersecurity spend by as much as 30% compared to other vendors in the marketplace.
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Kaseya Cyber Insurance Fast Track is Here
Kaseya, in partnership with Cysurance, now offers Cyber Insurance Fast Track, a first-of-its-kind program that provides pre-qualified cyber liability coverage for MSPs, MSP clients and businesses that utilize Kaseya’s Security stack.
The five required security solutions to qualify for the program are:
- Dark Web ID (dark web monitoring)
- BullPhish ID (security awareness training)
- Graphus or SaaS Defense (email security)
- Datto EDR (endpoint detection and response)
- Managed SOC powered by RocketCyber (managed detection and response)
Businesses that have all five products deployed for securing their environment can immediately qualify for $1.5 million in cyber coverage at prices up to 50% below the prevailing market rates through Cysurance. MSPs can immediately qualify as well.
If you are already insured, the Kaseya Cyber Insurance Fast Track program can augment your existing policy by $1.5 million.
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How to apply
There are two ways to apply for the Fast Track program:
1. If you are a Kaseya customer enrolled in the KaseyaOne portal and already have all five required Security products, log into your KaseyaOne account, click on the Fast Track menu item on the left and complete the application form.
2. If you haven’t registered for KaseyaOne yet or need to purchase additional Security products to complete the required stack, please contact your Account Manager, who can help you obtain the portal access credentials, add any missing products from the Security stack and apply for the program.
