By Jason Stein, VP of Cybersecurity, Telarus
In my last blog, I discussed some of the biggest cybersecurity trends businesses need to look out for in 2023, including one of my favorites: cyber insurance. With the rising number of costly data breaches, ransomware, and other security attacks, cyber insurance premiums in Q2 2022 increased by 79% compared to 2021. And cybercriminals aren’t selective when it comes to company size: Nearly half of cyberattacks involve small businesses. As a result, the underwriters for cyber insurance policies are enacting stricter regulations to protect personal information and sensitive data, resulting in insurance providers requiring larger limits of liability, a broader definition of loss (reputation recovery, financial recovery, more detailed reporting requirements, etc.), and regular audits and assessments to ensure companies are adhering to enhanced privacy measures.
”Despite the complexities and costs of acquiring cyber insurance, it is still one of the best investments for mitigating the financial impact of a cyber incident – especially for SMBs.
Despite the complexities and costs of acquiring cyber insurance, it is still one of the best investments for mitigating the financial impact of a cyber incident – especially for small- and medium-sized businesses, which may not have the resources to cover the costs of a major cyberattack. Cyber insurance can also provide coverage for business interruption, a major concern for companies that rely on technology to conduct their operations.
So how can you help your customers come out a hero in the fight against cybercrime, while also growing your business?
Here’s what happened when a Telarus partner recently led with this approach:
Situation: The partner reached out to a customer and asked if they had a cyber insurance policy. The client said their policy was coming up for renewal in a few months and their provider required them to fulfill 12 attestations to renew and keep their policy down.
Challenge: The customer called all the top service providers for backups, security awareness training, multi-factor authentication (MFA), endpoint detection and response (EDR), and more. They received quotes totaling $50,000 in monthly reoccurring fees across 12 different providers.
Solution: Instead of going to multiple providers directly, the partner was able to help their customer fulfill all of those requirements with just a few best-of-breed providers through the Telarus portfolio, bringing the total fees down to approximately $15,000 per month. That’s $420,000 in annual savings that our partner was able to offer his customer.
”Our partner was able to help their customer realize an annual savings of $420,000 and fulfill all of their cyber insurance policy requirements through just a few best-of-breed providers from the Telarus portfolio.
There’s no arguing cyber insurance is a necessary part of doing business in the world we live in today. The good news is that companies are taking note of the costly implication of cyber incidents and beefing up their security budgets. According to Gartner, by 2025, 40% of company boards of directors will have a cybersecurity expert at the table. Telarus continues to adapt its services, tools, and solutions to help you be a trusted technology advisor for your customers in this new environment. For example, our new SolutionVue online engineering tool provides a complete talk track for partners to leverage during their customer conversations. SolutionVue’s quick solutions assessment (QSA) has received rave reviews: It takes user input and, within seconds generates full supplier recommendations from our sales engineering team, as well as detailed action plans in order of priority – making it easy to guide a customer through a scalable roadmap without overwhelming them.
Additionally, Telarus is aligning partners with cyber insurance brokers to help them fulfill all of the requirements for their customers, resulting in new opportunities and additional revenue.
Let’s Connect: To learn more about cybersecurity and how Telarus tools, solutions and services can help accelerate your business, contact my team at firstname.lastname@example.org.