Cyber insurance coverage is getting more difficult to attain and premiums are increasing substantially. In response, SolCyber says it's countering this trend by leveraging the strength of its Foundational Coverage as a “benchmark for insurers to be able to provide expedited approvals and more cost effective cyber insurance for our customers.” SolCyber asserts that the partnership will help its small- and mid-sized business customers improve their security posture and decrease business risk — touting premium savings of up to 30%.
Cyber Insurance at Scale
Through SolCyber’s Insurance+ Program, businesses can reach a “foundational” level of cybersecurity covering nine controls, which will demonstrate their reduced exposure. Cyber insurance underwriters, according to SolCyber, consider these controls to be critical in protecting against ransomware and other cybersecurity incidents.
The company’s CEO, Scott McCrady, explained the advantages to the partnership with Converge:
“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. It’s simple, keep customers protected with our Foundational Coverage, and reward that effort with easy and cost-effective cyber insurance.”
Anthony Dagostino, Converge CEO and founder, adds:
“SolCyber and Converge’s partnership is a game changer for organizations who must strengthen their security posture. 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.”
Help Choosing the Right Vendor
SolCyber notes that it is a member of Marsh’s Cybersecurity Marketplace Services, which advice from a curated shortlist of vendors from whom companies can choose, matching their particular risks and cyber maturity objectives. Marsh, a global insurance broker and risk advisor, deploys cybersecurity specialists to pre-screen vendors for effectiveness, ease of administration, alignment with industry frameworks and compliance requirements, technology, interoperability, and pricing.
Its partnership with Converge is another step in SolCyber’s mid-market growth trajectory, having raised $20 million in a Series A financing round led by venture capital firm ForgePoint Capital in July 2021.