Why MSP's SMB Clients Need Cyber Insurance
Think of your very best small business clients. They’ve been going strong for years. They keep their budgets as trim as they can, but they don’t skimp on your cybersecurity services. They’ve signed up for your best antivirus software offering and best firewalls. They have a well-qualified IT staff member on the inside to work with you, and they follow all your recommendations around employee access to company devices or files from an unsecured network. You think, no one will breach their business, and this client is so small, who would want to try?
One Friday afternoon, as you’re wrapping up a particularly profitable month of service for this client, you get the call that their entire network has gone dark, and they’ve lost access to all company files and data. They are under cyberattack. Despite your best defenses, a hacker infiltrated the fortress you built to protect the client. All their customer data has been compromised, and they are being asked for a big ransom payment to restore access to their files. There’s nothing you can do.
Worst of all, your client doesn’t have cyber liability insurance (CLI) – the one last layer of protection that might have help them weather this storm. Three months later, the client is facing bankruptcy, and threatening to sue you for damages.
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