Our Cyber Partner Protect program (CPP) addresses the ongoing functionalities of risk management between ICT professionals and their customers.

How should a sustainable working relationship between you and your customer work after a Cyber event?

Should an MSP be better prepared to pick up the tab on any Cyber related event where it effects their customer?

When should an MSP be having the discussion with their customer about IT Risks Management?  At the time of Cyber incident or during the Contract review stage

  • Future of ICT Liability Insurance. Is ICT Liability Insurance sustainable for insurers in the future? (Premiums, excesses, policy terms etc)
  • Elements of a cyber attack. Understanding the challenges faced in the event your business and your customers are disrupted due to a cyber attack;
  • When to claim.  At what point should an MSP report a potential liability claim, and who is responsible for the costs when you are not at fault?

CPP is a formidable ICT Insurance model that removes the grey area from your agreements with customers.

 

Coverit can be your guardian in their broker services dedicated to Managed Services Providers and the Insurance coverages held between both the MSP and their concerned customer

 

It binds the MSP / Customer relationship with more understanding that;

  1. “Each bears own” Clauses
  2. Cyber Insurance Protection is a requisite for the customer to maintain 
  3. Same Insurance Provider representing MSP and their Customer to ensure efficiency and expediency in the event 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 (or scalable as liability determined)
  • Guaranteed response team regardless of who is at fault
  • Business interruption coverage for both parties

We invite you to think about your current customers, which column do they fall into?

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 customer is affected by a cyber event you’ll need to consider the following. Is your current insurance policy addressing these?

  • 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 customer’s data been compromised/stolen?
  • Should we be informing regulators (Privacy data breach)?
  • If an extended investigation is required, who will pay our fees and income loss as a result of business interruption?
  • Are we geared up to investigate the problem source (forensics), 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 customer?

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.

Please get in touch to discuss the best insurance solutions for your business.