Want to Ensure a Cyber Insurance Payout? Here’s Why Working with an MSSP Can Help
Cyber risk is increasing globally, leading companies to turn to cyber insurance to protect themselves from ransomware. However, insurers themselves are struggling to keep up, leading to insurance premiums increasing by 32%.1
It’s not just that—insurers are also becoming more discerning with their payouts, especially where ransomware is concerned. Companies with poor cybersecurity will likely have their cyber insurance claim denied in the event of a ransomware attack.
However, even with due diligence, you can still be attacked. To prevent a claim denial, you'll need solid backing to prove that your cybersecurity posture is robust—that’s where a Managed Security Service Provider (MSSP) comes into the picture.
An MSSP will not only be able to outsource monitoring and management of security devices and systems within your company but support you throughout the entire process of an insurance claim.
Despite that, most companies are still hesitant to invest in the services of an MSSP. Below, we answer some common questions around why partnering with an MSSP is crucial to ensure your cyber insurance claims succeed.
My company already has cyber insurance; why do we still need an MSSP?
Good cybersecurity begins even before the attack detection and response stage. Insurers are now looking for evidence that you have already done your part by reinforcing your company’s system against a cyberattack. Partnering with an MSSP can satisfy this requirement with an end-to-end vulnerability management service.
A good MSSP will know the best practices and current industry trends and offer insights into what currently works. They can also help assist their customer throughout all aspects of an insurance investigation, including forensics and recovery.
We have a good in-house security team—isn’t that enough?
Preparing for and responding to cybersecurity threats is not the job of one person or even just the IT team. To effectively mitigate risks, you'll require the combined efforts of various individuals across various departments in your company, which is beyond the capabilities of most in-house IT teams.
An MSSP can help companies prepare a comprehensive approach to cybersecurity with end-to-end protection or assist when an insurer is looking for evidence that clients have maintained adequate security standards.
Will hiring an MSSP make my insurance premium cheaper?
Partnering with an MSSP can help reduce your insurance premiums as well as mitigate restriction from deductible limits to coinsurance clauses. They can also assist with meticulous documentation that satisfies an underwriter's questions when negotiating a policy.
Won’t hiring an MSSP and having cyber insurance be expensive?
Not necessarily. A good MSSP should have a composable model that works with your current cybersecurity investments. After all, there isn't a one-size-fits-all solution for cybersecurity. A good MSSP will also offer a phased budgeting approach, so you don't have to pay everything all at once.
Thankfully, Digital Hands can offer you all the above.
1Global cyber insurance pricing increases 32% as insurers grapple with the changing face of cyber risk; Howden Group
Interesting, where can I find out more?
About Digital Hands
As a new kind of MSSP, Digital Hands is how organizations can get ahead of cyber threats in a world where compliance alone is no guarantee of protection. You need a "See More, Flex More, Do More" approach that ensures that you're always a few steps ahead of the latest threats in cybersecurity, which only Digital Hands can provide.
To learn more about protecting your organization against ransomware attacks and the risks of a cyber insurance claim denial, download the full white paper here.