Cyber insurance continues to be a hot topic…and a hot commodity. According to a recent article in Th Harvard Business Review, “The severity of financial consequences has been profound. Ransoms have rocketed from five-figure price tags into the millions, including $10 million reportedly paid by Garmin. Several ransom demands were far higher before being negotiated downward, according to clients of mine worldwide. All of which is further escalation of a worrisome trend: A recent report by Hiscox shows insured cyber losses of $1.8 billion in 2019, up an eye-popping 50% year over year.”
And there seems to be no end in sight. As a result, insurers are tightening up on payouts and are looking for mistakes and missing pieces before they consider providing compensation for a breach.
Many MSPs are finding cyber liability insurance policies are getting more expensive (if you can get them at all), with lower coverage limits, and added exclusions. You need to do more to protect yourself and your clients to reduce risks in the event of a breach. Compliance Manager GRC can help. The compliance platform helps you:
- Automatically track and manage compliance with the specific IT security requirements of each client’s cyber risk insurance policies.
- Track and manage custom “standards” you create to match any specific or unique IT requirements that are built into major contracts your clients have with their suppliers, vendors, or customers.
- Qualify for specially priced, lower– cost cyber insurance policies available only to Compliance Manager GRC subscribers.
- Use automated scans to identify unsupported operating systems and software, even without agents running on those devices.
- Systematically manage compliance of all requirements with dynamic Plans of Actions and Milestones that ensure the most critical risks are always addressed in a timely fashion.
Compliance Manager GRC
A comprehensive compliance management platform reduces the effort required and automates much of the work of managing change and expansion. Compliance Manager GRC gives you greater confidence that the information security programs you’re putting into place are actually working – and generates documentation to prove it!
You don’t need additional headcount or prior knowledge of regulatory standards. Compliance Manager GRC can put you in the business of providing improved IT security and robust compliance for your clients. Our Rapid Baseline Assessment will help you get up to speed quickly and demonstrate the need and value of compliance to your existing customers and prospects.
To find out more, click here to get a custom demo from our knowledgeable experts.