Navigating Cyber Insurance Challenges with Kirsten Bay, CEO of Cysurance
Cybersecurity is critical for businesses of all sizes as they navigate a landscape filled with digital risks - from remote work dynamics to complex cloud systems. Just recently, a managed service provider (MSP) was slapped with a lawsuit by a prominent Sacramento, California law firm alleging that it failed to protect it from a ransomware attack that took down its systems.
Cyber insurance would offer essential protection to both parties in this situation, yet the process of getting it—with its complex applications and unpredictable premium costs—can be daunting. Recently, Kirsten Bay, CEO of Cysurance, presented an educational webinar for IT Professionals on how these challenges often discourage businesses from seeking the coverage they need.
For small and medium-sized businesses (SMBs), where data breaches cost an average of $3.31 million in 2023, the cyber insurance market is especially volatile.
Premiums can spike unexpectedly, and the insurance application process is often lengthy and confusing, filled with questions that may miss the mark.
To address these challenges, Cysurance teamed up with Kaseya to create the Cyber Insurance Fast Track program. This initiative simplifies the insurance process, offering near-instant qualification for businesses using specific security tools. This not only streamlines the application but can also lower premiums. Take the example of a small credit union.
"We had a small credit union who went from about $38,000 to $6,500. We were able to fund that whole increase in their security posture and actually have some dollars left over," Bay said on the webinar.
By integrating robust security measures with streamlined insurance processes, Cysurance offers businesses a comprehensive approach to managing cyber risks. If you’re looking to bolster your organization's defenses while keeping an eye on the bottom line, discover why cyber insurance is a must-have for protecting your organization.
Multi-Award Winning Speaker, Channel Enablement & Sales Expert, Channel Development, Business Continuity and Disaster Recovery, Phishing Defense Advisor.
2dKirsten's insights are always spot on!