Our Cyber Partner Protect program (CPP) addresses the ongoing functionalities of Risks Management between an ICT professional (MSP) and their client.
How should the working relationship continue between an MSP and its client following a Cyber event?
Should the MSP be better prepared in response to any Cyber related event as it effects their client?
When should an MSP be having the discussion with their client about Risks Management? At the time of a Cyber incident or at the Contract review stage?
- Future of ICT Liability Insurance. Is ICT Liability Insurance sustainable for insurers in the future? (Premiums, Excesses, Policy Conditions, ongoing Claim Incident reporting, etc)
- Elements of a cyber attack. Understanding the challenges faced in the event an MSP and its clients business are disrupted due to a Cyber attack;
- When to claim. At what point should an MSP report a potential Third Party Liability claim? Who is responsible for the costs when an MSP is just not at fault?
CPP is a formidable ICT Insurance package model that can handle the grey areas between an MSP and its client.
Coverit provides a dedicated service to the MSP and co-ordinates separate Insurances held by an MSP and their client.
It binds the MSP / Client relationship with more understanding around;
- “Each bears own” Contractual Clauses
- Cyber Insurance Protection being the requisite for the SMB client to maintain
- Common Insurance Provider representing MSP and their Client ensures efficiency and expediency in the case of a Cyber event
CPP brings together your insurance needs:
- Insurance Application made easy
- Online policy & claims notification portal
- Claims management (any event, instant insurer response)
- Complimentary Contract Review Service
- Nil Excess payable upfront (Get the job done)-*conditions apply
- Guaranteed Response team regardless of who is at fault
- Business Interruption coverage accepted by both parties
As an MSP, in thinking about your current clients, which category do they fall in?
|Dream Customer||Challenging Customer|
|Pays on time||Always late paying|
|Accepts all your recommendations – Money no object||Never considers or accepts recommendations – Too hard basket|
|Loves the latest and greatest hardware||Never wants to update old hardware|
|SFOA accepted, no question||Arranges third party software without consultation|
|Never claims, never has any problems/issues to report||Always complains that something is wrong|
If your SMB client is affected by a Cyber event you really need to consider the following:-
- Who is responsible?
- Are there supplier/vendor programs involved?
- Do we shut down the customer’s entire system or isolate the problem?
- Does our Liability Insurer need to be notified?
- Has the clients data been compromised/stolen?
- Should we be informing regulators (Privacy data breach)? Yes you probably should
- If an extended investigation is required, who will pay our fees and income loss as a result of any Business interruption?
- Are we geared up to investigate the problem source/root cause (Forensic Investigation) or provide remedial support in other areas (loss mitigation, service reallocation, etc.)
- Have I admitted Liability in some way by helping our customer?
- How can we manage the situation to ensure we retain a good client business for years to come?
We would like to know more about your business through our Cyber Partner Protect Fact Find Form here to see where we can make a positive difference to your current arrangements
Let us help you get more clarity around the specific issues you face.
Get in touch to discuss the best Insurance solutions for your business.