If there’s one thing that July’s ransomware attack on Kaseya has pointed out, MSPs—and every tech company—need to take security seriously, protecting themselves with proper tools, processes, and policies. But that’s just technology protection. As hackers increasingly demand cash or cybercurrency and customers file lawsuits against their providers, MSPs also need to be protected financially to ensure their long-term success.
Cyber insurance policies are becoming an important component of any technology solution or relationship between MSPs and customers. For good reason. The average cost of a ransomware payment jumped from $4,000 to $178,000 in just a few years, amounts that few small businesses, including MSPs, can afford to pay.
Increasingly, companies are adding cyber insurance policies as protection, but like any insurance policy, your coverage is only as strong as your specific policy. There’s a lot to know when considering cyber insurance, especially if it’s a new area for MSPs. Here are 10 things to know, compiled by members of the CompTIA Information Sharing and Analysis Organization (ISAO) and other cyber insurance experts:
1. All Customers Should Have It
Cyber insurance, frankly, should be a no-brainer. Customers need to protect themselves in the increasingly possible chance that a hack, breach,