In this video, Brian and Peter from Lockton discuss the evolving landscape of cyber insurance for Managed Service Providers (MSPs). As cyber threats become more prevalent, MSPs must navigate the complexities of insurance coverage, focusing on essential security controls like multi-factor authentication (MFA) and endpoint detection to avoid high premiums and onerous exclusions. The conversation emphasizes the importance of understanding insurance policies thoroughly and preparing for potential incidents with well-defined response plans, highlighting the need for MSPs to educate their clients about cyber insurance requirements and foster strategic partnerships.
The importance of cyber insurance for MSPs is increasing due to the rise in cyber attacks and the changing landscape of insurers’ requirements.
MSPs need to ensure their clients have adequate cybersecurity measures in place and should actively engage in conversations about cyber insurance to mitigate risks.
Cyber insurance policies now require more detailed information on security controls, and the lack of basic security controls may lead to being uninsurable or having high premiums with onerous exclusions.
