Bundle will give MSPs tools to mitigate fallout from data breaches for small businesses
Kaseya is teaming up with cyberinsurance provider Cysurance to give MSPs tools to help their small business customers address mitigation and compliance issues following a cyberattack.
The Lowdown: The companies this week announced they’re bundling Kaseya’s Compliance Manager process automation platform with Cysurance’s cyberpolicy underwritten by global insurance giant Chubb.
The Details: The combined solution is designed to reduce the risk of businesses being fined for non-compliance. It also provides remediation capabilities and reimbursement after a cyberincident. Kaseya’s Compliance Manager enables MSPs to automate compliance for end users and includes a cyberinsurance module that makes it more likely for a business that a claim will be paid by showing that they have satisfied policy conditions.
Cysurance enables MSPs to create a broad insurance policy for their SMB customers at the point of sale. Through the integration of tools like Compliance Manager, MSPs can bind policies up to $2 million for clients without application or underwriting. Cysurance’s platform can use the capabilities of Compliance Manager to scan an end user’s network and automatically record anomalous activity to prove full transparency and loss.
At the same time, the action will kick off a breach response team covered by the policy to immediately begin remediation.
The Impact: SMBs are bearing the brunt of data breaches. According to the companies, 85% of data breaches hit SMBs, with each breach costing an average of $300,000. The increasing frequency and sophistication of the attacks, combined with the growing number of regulations around data management and a lack of resources, has many SMBs turning to MSPs for outside help when it comes to cybersecurity. Kaseya last fall said it was investing $10 million to create a compliance unit for MSPs to help SMBs remain compliant with regulations.
The Buzz: “Kaseya Compliance Manager delivers Compliance-as-a-Service. Cysurance delivers Cyber-Insurance-as-a-Service,” said Max Pruger, general manager of compliance at Kaseya. “This partnership is a natural fit and gives MSPs a value-added offering that provides their customers not only with the tools to satisfy insurance policy conditions but also cost-effective, robust coverage to help them recover in the event of a breach.”
“By joining forces with Compliance Manager, we’ve created a product that gives MSPs the ability to be their clients’ one-stop shop for the cyber-risk management trifecta of effective cybersecurity, cybergovernance, and cyberinsurance,” said Cysurance co-founder and CEO Kirsten Bay.