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Following is text from The Million-Dollar Opportunity: Compliance for Cyber Liability Insurance   saved as DoBPnVideoForThePublisherOfThis.pdf

The Rise of Compliance for Cyber Liability Insurance

Cybercrime rose from last year alone by 11%.

  1. Clients are aware it’s no longer a matter of getting attacked, it’s when. In fact, cybercrime is set to cost companies   $5 trillion by 2020.
  2. Companies are investing an unprecedented amount—between 7.5-$10 billion dollars by 2020 to be precise—in liability insurance.
  3. Yet, when disaster strikes, rarely do these companies receive payouts. Why? Cyber liability insurance companies are offering payouts that only cover .02% of millions incurred in damages.
  4. The market is new and unregulated. The risk of wide-ranging multiple attacks across insurance customers is high. Add to that, the blurred lines between property, auto, and cyber risk and you get insurance companies hesitant to deliver payouts.

MSPs can benefit from this high demand, low quality supply.

Read on to discover:

  1. Reasons Claims Are Denied
  2. Reporting – Proving Compliance
  3. Helping Clients Improve Cyber Liability Insurance Compliance
  4. Automate Liability with Insurance Compliance as a Service
  5. Become an Auditing Guru
To get an edge on securing clients against risking both security and payouts, savvy MSPs are investing in
compliance solutions for cyber liability insurance. Learn how to grow your recurring revenue while adding this
high-value, low-cost service service.

Reasons Claims Are Denied

With all the risk involved in following through on payouts, cyber liability insurance companies are padding their
policies with coverage exceptions.
Advise your customers to watch out for other legalese that’s designed to minimize payouts and boost the loss ratio.
The loss ratio is the ratio of premiums to payouts, or the profit motive driving cyber liability insurers.
Helping customers receiving a fair payout requires education, preparation, and documentation. It all starts with
raising your clients’ awareness to the risk of minimized payouts and putting a plan in place to mitigate that risk.