As part of the offering, companies are required to boost their security posture in order to benefit from a simpler and more efficient application process, enhanced coverage and substantial premium savings. SolCyber said that as part of its cyber insurance offering, it helps SMBs achieve a foundational level of cybersecurity that covers the nine key controls commonly considered by insurance firms to be critical in protecting against ransomware and other kinds of attacks.
That’s key, because stronger security means organizations are less exposed. As a result, SolCyber says, they can benefit from better coverage and premiums that are up to 30% cheaper than alternative policies.
“When you have great security, why isn’t that recognized by the insurance industry?” said SolCyber Chief Executive Scott McCrady. “We want to connect the two and solve the broader risk challenge for organizations. It’s simple, keep customers protected with our Foundational Coverage, and reward that effort with easy and cost-effective cyber insurance.”
SolCyber believes there will be a lot of interest in its new offering. It cites a recent study by Coro Cyber Security Ltd., which found that hackers have recently been stepping up their attacks on midsized businesses. Through 2020 and 2021, the number of cyberattacks on midsized organizations increased by around 50%, the report found. That’s likely because such organizations have weaker security than larger enterprises that can afford to invest more.
SolCyber says many midsized businesses now see cyber insurance as an essential requirement if they’re to be able to operate effectively and profitably. However, getting it isn’t easy. The application process can be incredibly complex as insurance providers want to carry out a deep analysis of each firm’s security posture and risk. That, along with the rise in attacks, explains why the cost of cyber insurance has risen by more than 50% in recent years.
Converge founder and CEO Anthony Dagostino said the idea of helping companies improve their security posture in return for lower premiums is a “game changer.”
SolCyber’s Insurance+ offering is available directly from Converge. In addition, the offering is one of the first to be included in Marsh LLC’s Cybersecurity Marketplace Services. Marsh is a leading insurance broker that’s aiming to extend its model to the cybersecurity industry, offering a curated shortlist of cyber insurance offerings that have been pre-screened for their effectiveness, ease of administration, compliance requirements, ease of use, technology and price point.