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Cyber Insurance Pact: TechAssure, Corax Announce Partnership

TechAssure, an international association comprised of insurance and risk management professionals, has partnered with cyber insurance analytics platform provider Corax. TechAssure members now can leverage Corax’s platform to provide their customers with a cyber “hygiene score” to help them improve their security posture.

Corax’s platform uses artificial intelligence (AI), machine learning and a probabilistic and quantification modeling engine to calculate cyber hygiene, frequency and severity of data breaches and business interruptions and potential cyber insurance premiums, according to the company. By doing so, the platform helps insurance brokers evaluate customers’ cyber risks and offer appropriate coverages.

What Cybersecurity Frameworks Are Available to MSSPs?

The TechAssure-Corax partnership enables insurance brokers to integrate risk analysis capabilities into their offerings. Risk analysis is quickly becoming exceedingly important to MSSPs, too.

Discussion about a cybersecurity framework for MSSPs, MSPs and technology solutions providers took place at last year’s ConnectWise IT Nation Connect conference in Orlando, Florida. During an IT Nation panel discussion, ConnectWise CEO Arnie Bellini and other industry experts examined the development of standards, guidelines and best practices to manage cybersecurity-related risk.

Meanwhile, IT management platform provider Continuum unveiled a managed security business planning guide for MSPs during its Navigate conference in September. Ingram Micro also plans to develop a cybersecurity business guide for partners based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework.

NIST’s Cybersecurity Framework: Here’s What MSSPs Need to Know

NIST’s Cybersecurity Framework is designed to help organizations understand and improve their cybersecurity risk management. It includes cybersecurity standards, guidelines and best practices across five areas:

  • Detection.
  • Identification.
  • Protection.
  • Recovery.
  • Response.

In addition to its Cybersecurity Framework, NIST offers a Risk Management Framework (RMF) to address security and privacy concerns for information systems, organizations and individuals. NIST also is developing a privacy risk management framework to help organizations develop and deploy best practices to safely collect, store, use and share information.

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