Abstract
The level and severity of data breaches and cyber attacks occurring today continues to focus the minds of organisations across the world. According to Absolute Market Insights: “It is estimated that over the next five years, cybercrime could potentially cost companies $5.2tr every year.” 1 Moreover, according to a study by IBM and the Ponemon Institute, the average cost of a data breach in 2018 reached $3.86m, up 6.4% from the year before. 2 There is a growing awareness among enterprises that having cyber insurance is essential. And so we are seeing an escalating interest in this kind of insurance. Managed service providers (MSPs) are likely to be especially attracted to this proposition as their strategic focus is on dealing with networks and they can take on the role of a trusted consultant for their clients. The knowledge MSPs typically have of their clients’ network infrastructure, and their understanding of the cyber security market, allows them to pinpoint the bigger threats, argues Michael Mittel of RapidFire Tools.
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