Cavelo Inc. and DataStream Insurance have partnered to simplify the cyber insurance process for Managed Service Providers (MSPs). This collaboration aims to help MSPs manage cyber risk more effectively and access lower insurance premiums.
As cyber threats increase, organizations face higher risks of data breaches, increasing the liability and legal risks for MSPs. Many MSPs are securing cyber insurance to mitigate these risks and cover potential financial losses from customer-related breaches. However, applying for cyber insurance can be costly and complex for MSPs.
Cyber insurance providers determine coverage and premium rates based on assessments of an organization’s cybersecurity posture. MSPs often struggle to gather the necessary risk data efficiently and accurately. The alliance between Cavelo and DataStream Insurance addresses this issue by offering a simplified approach to managing cyber risk. MSPs can expect to reduce their cyber insurance premiums by at least 10% through this partnership. That is according to a joint press release.
James Mignacca, CEO of Cavelo, highlighted the evolving nature of the cyber insurance process. “This offering allows MSPs to use the Cavelo platform to enrich their cybersecurity posture data, streamlining the application process through DataStream’s platform. With accurate liability insights, MSPs can secure more cost-effective policies that reflect their actual risk,” said Mignacca.
“Effective Outcomes”
DataStream Insurance helps organizations obtain cyber insurance coverage and offers services, including cybersecurity assessments, financial risk analysis, training, and post-incident support. The Cavelo platform assists MSPs in identifying and quantifying their security maturity and potential risks, meeting the due diligence requirements for insurance applications.
Paul Guthrie, Managing Director of DataStream Insurance, expressed enthusiasm about the partnership with Cavelo. “The insurance industry relies on transparency and data. By bringing the security and insurance sectors together, we achieve more efficient outcomes and bolster defenses against growing cyber threats,” said Guthrie.
This partnership aims to help MSPs manage cyber risk more effectively. Cavelo’s platform combines sensitive data and asset discovery, access management, and risk-based vulnerability management to simplify governance, compliance, and risk remediation efforts. “Many businesses depend on MSPs for threat protection,” added Mignacca. “Through this joint offering, MSPs can enhance their cybersecurity posture and protect their own organizations from breach impacts with the support of DataStream and Cavelo.”