SolCyber, a Forgepoint Capital company and the first modern MSSP for the midmarket, today announced a partnership with Converge, an emerging cyber insurance provider, to redefine cyber insurance for the mid-market. The partnership helps small and mid-sized organizations dramatically improve their security posture and decrease business risk with a more efficient application process, enhanced coverage and significant premium savings of up to 30 percent.
Throughout 2020 and 2021, the number of cyberattacks against mid-sized businesses increased by at least fifty percent. With attacks on the rise, cyber insurance has become an essential for businesses to be able to operate effectively and profitably. Until now, companies were facing a complex, time-consuming application and approval process with soaring prices — recent research shows cyber insurance premiums have increased upwards of fifty percent, with some quotes jumping closer to one hundred percent.
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“When you have great security, why isn’t that recognized by the insurance industry? We want to connect the two and solve the broader risk challenge for organizations,” said Scott McCrady, CEO at SolCyber. “It’s simple, keep customers protected with our Foundational Coverage, and reward that effort with easy and cost-effective cyber insurance.”
With the new offering, organizations are able to reach a foundational level of cybersecurity covering nine controls, that will demonstrate their reduced exposure, as these nine controls are considered by cyber insurance underwriters to be critical in protecting against ransomware and other debilitating incidents.
“SolCyber and Converge’s partnership is a game changer for organizations who must strengthen their security posture,” said Anthony Dagostino, CEO & Founder of Converge. “We’re excited to deliver much-needed peace of mind by helping these small and mid-sized organizations achieve the security they need at a price they can finally afford.”
Also Read: Four Cyber Insurance Challenges Faced by CISOs Today
In addition, SolCyber is one of the inaugural members of Marsh’s Cybersecurity Marketplace Services offering. Marsh’s Cybersecurity Marketplace Services is an extension of the brokerage model to cybersecurity, providing objective advice from a curated shortlist of vendors for companies to choose from that match their particular risks and cyber maturity objectives. The vendors are pre-screened by Marsh’s cybersecurity specialists for effectiveness, ease of administration, alignment with industry frameworks and compliance requirements, ease-of-use, technology, interoperability, and price point.
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