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How An IT Managed Service Provider Can Help With Cyber Insurance

When looking for cyber insurance for your business, you may find it hard to navigate technology and insurance jargon. There are even different types of cyber coverage and you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you do have coverage, there’s always the risk of not receiving a payout in the event of an incident if you didn’t meet your policy’s requirements.

Partnering with an IT managed service provider, like Xceptional, can make your journey to qualify for cyber insurance easier in so many ways. Keep reading to find out how.

An IT managed service provider can help you

Although an expert IT managed service provider can bring a lot to the table on matters regarding security, backup, and compliance to help you stay protected, they can also help in terms of cyber insurance. You can get assistance with the following:

Auditing and complying with insurance policies

While meeting your cyber insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with a specialized IT managed service provider.

The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data, and more. An IT service provider can help handle all of these and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements.

An IT service provider can also help make documenting your security measures easier.

Picking the right coverage for your business

Without an in-depth understanding of cybersecurity, it can be difficult to know which type of cyber insurance is best for your company out of the many available options (theft, liability, and extortion). An IT service provider can evaluate your company and direct you toward the right coverage. The drawback of not having the right insurance coverage is that you'll have to pay the premium and get nothing in return when you really need it.

Improving your cybersecurity posture

Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining cyber insurance coverage challenging, it is not impossible. If you have a strong cybersecurity posture (meaning you have cybersecurity policies and procedures in place, or some type of cybersecurity program that your organization enforces), your chances of getting coverage will be higher.

An IT service provider can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. They can also help you implement security controls and monitor your network for threats. If you do suffer a data breach, an IT service provider can help you with the incident response process.

The decision is yours

If you're hoping to qualify for a cyber insurance policy, Xceptional can help. We provide Compliance-as-a-Service and Security-as-a-Service offerings that can help put you in a good standing with your cyber insurance policy. Additionally Xceptional provides a security assessment, so you can see what improvements need to be made to your organization to be better prepared against a cyber attack.  We can use our expertise and experience to help you choose the right policy for your business and meet your policy’s requirements. 

To help you learn more about cyber insurance, Xceptional is partnering with the San Diego Regional Chamber of Commerce to livestream a webinar on LinkedIn with cyber insurance experts. Come join us and ask your questions in real time with the experts. You can register on LinkedIn here

If you’re ready to start discussing your cyber insurance needs and ready to embrace the Xceptional experience, fill out our contact form below.