For InfoSec Vendors
Use Cyber Insurance
To Enhance Your Offerings
The cyber security industry is broken.
Uptake rates on cyber insurance via retail channels remain low. For these reasons, alternative channel distribution of excess cyber insurance capacity makes sense. Less than 3% of cyber security software vendors guarantee product performance. The primary reason for low cyber insurance uptake rates is the lack of exposure and product understanding on the part of retail agents and traditional financial (CFO) property & casualty insurance buyers. Distribution of cyber insurance directly to executives making IT purchases, who comprehend the exposures at hand, is a more logical approach in many circumstances.
The cyber security is an $80 billion dollar business where all sales are final. Imagine if a customer had endpoint security, firewalls, email security and web security, all backed by a guarantee. We work with a variety of information security providers to support performance guarantees to help them differentiate their products based on performance quality as opposed fancy marketing propaganda.
With the direction and close recommendations by our Advisory Board, we are pioneering insurance solutions to enhance your ability to stand behind your products. We offer a turnkey solution for Infosec vendors including warranty design & drafting, creating an efficacy profile
submission, underwriting terms & conditions, warranty marketing, policy
issuance and ongoing support as needed.
Identify, quantify, eliminate, manage…the risk management process right? All that is left is standby financing and available claims experts
to respond if something slips through despite your best-in-class security infrastructure. Some InfoSec vendors think rounding out services with cyber insurance will differentiate their services in a very crowded market resulting in improved new business and customer retention. If properly designed, incorporating a level of cyber coverage within the security services offering will result in better-educated buyers, no application process, lower rates, and better coverage outcome.
The ability to include cyber insurance differentiates your security
offerings and will help you close more deals. A variety of structures
are available to best match your customer profiles.