Cyber insurance premiums increased as much as 80% in the last year (according to a 2022 AdvisorSmith study analyzing 43 different insurance companies quotes and rate filings). This rate of growth is not sustainable for small and medium businesses whose budgets are highly constrained.
We will be holding a roundtable discussion of MSP, insurance and cybersecurity experts will discuss why cyber insurance is becoming unaffordable at the very time that organizations need it the most, and the security gaps that MSPs are seeing in client environments.
Unlike other insurance categories, actuarial tables are not established and still being formed for the cybersecurity category. Sophisticated adversaries feed off IT complexity and continue to exploit phishing campaigns and ransomware. MSPs that manage complex IT environments on behalf of their clients can be particularly challenged.
Watch this video to explore the current and future state of cyber insurance and insurability.