MSSPs will have an increasing role to play with cyber insurance
Nicola Saner, CEO, Chorus
Do you agree with the ABI’s assertion that every company should have cyber insurance?
As always, insurance is about risk management. It would be interesting to see some data, but I would suspect that the risk of SMBs having to call on cyber insurance is even higher than the risk of having to use car insurance for company vehicles, and businesses would not question obtaining that insurance.
Additionally, taking cyber insurance forces businesses to ask questions about their cyber security and the work they need to do to improve it, which of course is no bad thing – again reducing risk.
What role do MSSPs like Chorus play in cyber insurance?
I think MSSPs will have an increasing role to play with cyber insurance, as they are ultimately usually the ones best placed to answer the technical and risk-based questions that insurers ask. Previously having a managed security service in place could lead to lower cyber insurance premiums but we are seeing this less now. However, organisations that do have managed security service in place definitely give cyber insurance providers the reassurance that they are taking cybersecurity seriously – as well as assuring clients, partners and for their own peace of mind.
