Q&A

Why Your MSP Needs Cyber Insurance

Source: Cysurance

A conversation with Kirsten Bay, Cysurance

Telematics Insurance Premiums

Kirsten Bay has been working in risk intelligence, information management, and policy expertise across a variety of sectors for more than 25 years. She has been the CEO of Big Data and cyber security companies for the past 6 years, leading the strategy and development of next-generation analytics and attack detection technologies.

Kirsten took the time recently to speak with MSP Insights about the importance of cyber insurance, how it works, and why MSPs need to be thinking about investing in it.

Q: How do you describe Cysurance and what led to the founding of the company three years ago?

Bay: Cysurance’s mission is to simplify cyber risk management for small and medium businesses (SMBs), which generate roughly 50% of our national GDP. Many stand-alone cyber insurance policies today are designed for large corporations. They require complex applications and extensive underwriting, and some of the most valuable coverages are only available by endorsement – which only adds to the already high premiums. SMBs also face greater challenges in complying with policy conditions like data backups and encryption than larger peers, due to smaller IT budgets and staff. As a result, even those with a cyber policy can be left holding the bag after a data breach or cyberattack. SMBs that have satisfied policy terms can still encounter long waits for claim payments as adjusters verify and document the event details, which can spell the end for an SMB. Cysurance addresses these pain points through strategic partnerships, innovative technologies, and pioneering product design, enabling SMB’s to secure their cyber resiliency in a rapidly evolving technological landscape.

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