‘When you attend a big event, that can be one of the most important days of your career – it’s like the Super Bowl, you never know it’s going to happen that day,’ says DataStream Cyber. CEO Andy Anderson at XChange August 2022.
MSPs can go through hundreds of thousands of dollars in setting up a customer insurance policy while simultaneously protecting them from risks that could harm their business.
DataStream Cyber Insurance CEO and founder Andy Anderson told XChange August 2022 attendees this week that MSPs can drive customer revenue and create a secure IT environment through cyber insurance.
“Insuring is a way to get insurance, it speeds things up for your customers,” Anderson said. “They’re improving their defense, and it’s all about the work you end up doing for them.”
For example, DataStream was able to provide $40,000 in cyber insurance to a customer who ended up spending $750,000 with their MSP to prepare the insurance.
“So the money they made from all of this and the services they provided was driven by insurance,” Anderson said, adding that DataStream also offers its partners payment programs and market maker funds (MDF) to improve sales.
[Related: Cybersecurity Strategist: The Real Threat Is The ‘Human Hack’]
DataStream Cyber Insurance offers comprehensive cyber insurance as well as comprehensive cyber security assessments, financial cyber risk analysis, and cyber security training. The Sunnyvale, Calif.-based company. currently provides coverage in North America for first and third party losses.
Big Attack ‘Could Be One of the Most Important Days of Your Career’
The CEO of DataStream said that when a customer is caught in a major cyberattack, it is a big task for MSPs.
““When you play in a big event, that can be one of the most important days of your career—it’s like the Super Bowl, you never knew it was going to happen that day,” Anderson said.
MSPs should be extra careful to make sure they reach out to insurance experts right away to get them “early in the game,” he said.
“We see [MSPs] they will get themselves into trouble by trying to deal with it on their own. Their heart is in the right place, but if you start wiping the machines and rebuilding the servers, you can destroy the entire legal system,” Anderson said.
“So now there’s a problem that might be on just a few machines, all of a sudden, you have to think it’s affected everything. So you took a story that was a few thousand dollars and added a few zeros to the end. That’s what we’re here for,” he said. “We have a cell phone. You can call to start talking to illegal companies. The first call is free. “
DataStream provides financial, legal and technical support in the event of a disaster to help businesses get back up and running again.
Ransomware Attacks Increase Prices
From MSP, Art Ocain-vice president of cybersecurity and incident response at Miami-based Airaim-said that cyber insurance companies are increasing because of ransomware threats. However, buying cyber insurance helps customers follow good security practices.
“If you want to follow the rules of the internet now, it used to be that they would just sign the policy and charge you a monthly bill. Now, there are many first qualifications. They need to make sure you have EDR in place, you’re securing your systems, that you’re segmented, and that you don’t trust the products in place,” Ocain said. “You’re following best practices for cyber security.”
Ocain has disrupted cyber insurance companies like DataStream by helping MSPs protect their customers.
The three main things insurance companies are asking for right now are detection and response (MDR), multi-factor authentication (MFA), and immutable backups, which are backups that can’t be deleted or encrypted by ransomware, Ocain said.
Specifically, Ocain praised emerging and responsive vendors (XRD) who are successfully providing MSPs with integrated security platforms for customers to deploy their solutions.
“So if you have an XDR platform, it gives you a single mirror on your wall, on your endpoints, on your antivirus – everything is pulling into one platform, so you can really see,” Ocain said. solving the ransomware problem by blocking ransomware.”