Kaseya has a plan to get small businesses to buy cyber insurance
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A security vendor popular with small to medium-size businesses' IT teams is starting to make it easier for its customers to get cyber insurance.
What's happening: Kaseya, a leading provider of remote monitoring and management tools, launched a partnership with cyber insurance provider Cysurance Tuesday so that customers are fast-tracked for a new policy.
- Customers that have Kaseya's IT Complete Security Suite will be pre-approved for a cyber insurance policy with Cysurance, allowing them to bypass a sometimes-arduous vetting process.
- Cysurance will also provide qualifying Kaseya customers with a discount on coverage rates and up to $1.5 million in coverage.
Why it matters: Cyber insurers have become stingier about who they award policies to following years of increased payouts and attacks.
- To stabilize the market, insurers have started more closely vetting potential customers' security programs to ensure those programs follow some baseline requirements.
- But that vetting process can be cumbersome since it requires companies to fill out lengthy questionnaires and dig up answers about their programs that many don't know how to find.
The big picture: Kaseya is just the latest security vendor to team up with an insurance provider to make obtaining a policy easier.
- Google offers a similar program for Google Cloud customers with reinsurers Munich Re and Allianz Global Corporate & Specialty, and CrowdStrike also has had a similar partnership with Cysurance.
Between the lines: Partnerships between an insurance provider and a cybersecurity vendor can be a win-win for both.
- The insurer can attract more customers and go through a faster auditing process, while the security vendor can use the discounts as a selling point to attract new business.
The intrigue: While major companies can easily suss out the details of their security programs, not all organizations have the resources and time to dig deep into their security programs and find specific details about how their endpoint security tools work, for example.
- Most of Kaseya's customers are managed service providers that contract their services to small businesses, giving the company an outsize role in helping these organizations better prepare for attacks.
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