Stellar Cyber Launches RiskShield Cyber Insurance Program for MSSPs
In an era where cyber threats loom larger than ever, businesses are increasingly seeking robust solutions to protect their digital assets. Recognizing this urgent need, Stellar Cyber has unveiled its innovative RiskShield Cyber Insurance Program, tailored specifically for Managed Security Service Providers (MSSPs) and their clientele. This groundbreaking initiative integrates cyber insurance options with Stellar Cyber’s Open XDR platform, streamlining the risk acceptance process for insurers and enabling customized protection that aligns with existing risk profiles.
Key Benefits of the RiskShield Program
The RiskShield Cyber Insurance Program offers a multitude of advantages for MSSPs and their clients, enhancing both security and business value:
1. Exclusive Cyber Insurance Rates
One of the standout features of the RiskShield program is its ability to provide MSSPs with access to customized cyber insurance coverage at highly competitive rates. This not only enhances the value of their managed security services but also allows MSSPs to offer their clients tailored solutions that meet their specific needs.
2. Enhanced Market Position
In a crowded cybersecurity landscape, differentiation is crucial. By incorporating the RiskShield program into their offerings, MSSPs can set themselves apart from competitors. This unique value-add service positions them as forward-thinking partners in cybersecurity, capable of addressing both security and insurance needs.
3. Comprehensive Security Coverage Reports
Transparency is vital in the relationship between MSSPs and their clients. The Stellar Cyber Coverage Analyzer plays a pivotal role in this regard, providing detailed security reports that enhance trust and communication. By sharing these insights, MSSPs can drive improved security postures for their clients while facilitating lower insurance premiums.
4. Streamlined Insurance Process
Navigating the complexities of cyber insurance can be daunting. However, through strategic partnerships with insurance providers, the RiskShield program simplifies this process. MSSPs can ensure their clients receive appropriate coverage, backed by expert underwriting and regulatory support, making the journey to obtaining cyber insurance more efficient.
Program Details and Strategic Partnerships
The RiskShield program is launched in collaboration with Converge Insurance, a leader in cyber insurance technology. This partnership enables MSSPs to offer their clients tailored cyber insurance solutions that provide unmatched coverage and pricing. The collaboration marks a significant milestone in how MSSPs utilizing Stellar Cyber’s Open XDR platform can enhance their security services.
At the heart of the RiskShield program is the Stellar Cyber Coverage Analyzer. This sophisticated tool empowers MSSPs to present a clear and comprehensive picture of a client’s security posture. By leveraging data from various installed security tools—such as Endpoint Detection and Response (EDR), Multi-Factor Authentication (MFA), and Firewalls—the Coverage Analyzer employs the MITRE ATT&CK framework to assess the effectiveness of security measures. This analysis not only aids MSSPs in demonstrating their value to clients but also facilitates eligibility determinations for premium cyber insurance coverage.
Expert Insights
Dr. Mike Saylor, CEO and Founder of Blackswan Cybersecurity, emphasizes the importance of this program: “The Stellar Cyber RiskShield program is a convergence of risk management and cybersecurity that will undoubtedly help small and medium-sized businesses better understand and obtain the cyber insurance protection they need.” This sentiment underscores the program’s potential to empower businesses in their quest for comprehensive cybersecurity solutions.
Converge Insurance: A Strategic Ally
Stellar Cyber’s inaugural insurance partner, Converge Insurance, is renowned for its integration of advanced technology and expert underwriting. The partnership has birthed ConvergeConnect, which offers primary cyber coverage through collaborations with prequalified technology providers. Converge Insurance is committed to providing expert risk assessments and competitive insurance rates, reflecting the robust security measures implemented by MSSPs using the Stellar Cyber Open XDR platform.
Moreover, Converge simplifies the cyber insurance process by offering access to wholesale brokers who specialize in state and local regulatory compliance. This ensures a smooth and efficient path for MSSPs and their clients to obtain the necessary cyber insurance coverage.
A Vision for the Future
Jim O’Hara, Chief Revenue Officer at Stellar Cyber, articulates the company’s commitment to innovation: “At Stellar Cyber, we are committed to empowering MSSPs with innovative features and resources that not only enhance security but also add significant business value to their services.” The RiskShield Cyber Insurance Program is the first of many strategic partnerships aimed at revolutionizing the cybersecurity landscape.
By leveraging the power of the Open XDR platform, MSSPs can now offer clients cyber insurance with transparent risk assessments and competitive rates. This partnership with Converge Insurance reflects Stellar Cyber’s mission to provide exceptional security and value, enabling MSSP partners to lead the market and ensure their clients can secure comprehensive, effective cyber insurance coverage.
Conclusion
The launch of the RiskShield Cyber Insurance Program by Stellar Cyber represents a significant advancement in the cybersecurity landscape. By integrating cyber insurance with managed security services, MSSPs can enhance their offerings, improve client relationships, and ultimately contribute to a more secure digital environment. As businesses continue to navigate the complexities of cyber threats, initiatives like RiskShield will play a crucial role in safeguarding their interests and ensuring peace of mind in an increasingly perilous digital world.