Despite the increasing prevalence of cyberattacks, only 55% of organizations have cyber insurance, according to a survey by BlackBerry and Corvus, and only 19% have coverage for cyber events beyond $600,000.
Cyber insurance should not be overlooked. It provides a safety net by covering the costs associated with such incidents, including forensic investigations, data recovery, legal fees and regulatory fines. Cyber insurance helps mitigate the intangible losses stemming from damaged reputations and customer trust erosion. It enables businesses to respond swiftly to incidents, minimizing operational disruptions and ensuring continuity.
Cyber insurance policies also often offer proactive risk management services, such as cybersecurity assessments and employee training, which can enhance an organization's resilience against future threats.
Looking from the POV of SMBs, cyber insurance is particularly vital, as SMBs often lack the resources and expertise to effectively combat cyber threats on their own. By transferring some of the financial risks associated with cyber incidents to insurers, SMBs can safeguard their bottom line and focus on core business activities.
So, knowing how important cyber insurance is for SMBs, Blumira and Beltex partnered up to increase cyber insurance adoption and protect SMBs from bad actors.
Blumira enables MSPs to protect their customers across their cloud, network and endpoint layers with managed detections and guided responses to prevent attacks like ransomware. Beltex is a cyber insurance program designed specifically around the needs of SMBs, especially those serviced by MSPs. Beltex insurance is available for MSP customers located in the U.S. with under $100 million annual revenue. The availability of Beltex policies currently spans 48 states, with an additional two states anticipated to be accessible soon.
As for the collaboration, it allows both companies to provide access to better coverage, lower rates and improved incident response capabilities for MSPs and their SMB customers. Blumira MSP partners can offer customers improved coverage and potentially lower cyber insurance rates with their SIEM solution.
“Collaborating with industry leaders like Blumira enables us to accelerate our commitment to delivering quality policies and competitive rates to SMBs,” said Dustin Bolander, Chief Information Officer and Managing Partner at Beltex. “Together, we are shaping a landscape where businesses can thrive with the assurance of robust security solutions tailored to their unique needs.”
Additionally, MSPs gain exclusive access to apply for Beltex's Certified Incident Response program. The program allows them to participate in customer incident response and potentially be reimbursed for their contributions.
“Blumira’s partnership with Beltex is a game changer for MSPs. Creating an insurance product that considers the specific security tools MSPs are using to offer higher limits at lower costs is desperately needed in our space,” said Jeremy Young, Director of Partner Strategy at Blumira. “Additionally, Beltex understands the MSP’s role in the IR process and, in doing so, has created the ability for them to get reimbursed for their work.”
Learn more here.
Edited by
Alex Passett
