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Will the insurance companies come for us?

I want to highlight a piece in CIO Dive that released last week.     Headlined, “Are businesses covered if their service provider is hit by ransomware?”, the focus is on cyber insurance, which is positioned as post-failure solution.

From the article – “Insurance providers, when consulted, might conclude that paying a ransom is in a company’s best interest depending on a company’s technological standing. “

Why do we care?

With the ongoing discussion of regulation that is a theme of this show, the other direction this push is likely to come from is from the insurance industry.      This article highlights the size of typical MSPs – less than 10 employees – and the vulnerability of the space. 

That quote is important.   If the insurance industry is paying out more ransoms, they are going to look for ways to reduce that risk.    Pushing for a way to understand who is servicing the market will give them a better sense of who to work with and reduce their risk.

That’s another whole angle to consider.

Source: CIO Dive