Venture capital firms continue to invest in the cyber insurance market, which is rapidly evolving into an ecosystem of brokers working with cybersecurity software vendors. Take a closer look, and there are signs that MSPs and MSSPs are gaining improved workflows that could simplify the cyber insurance application and approval process.
Most recently, cyber insurance provider Coalition has raised $250 million in Series F funding from Allianz X, Valor Equity Partners and Kinetic Partners, among other backers. Key business milestones, according to Coalition, include:
- Serving more than 160,000 customers;
- exceeding $775 million in run rate GWP (gross written premium); and
- nearly 200% revenue growth over the prior year.
Still, Coalition did not disclose actual revenue figures or profit figures.
Cyber Insurance and Cybersecurity Software Marketplace
Meanwhile, Apollo -- a wholesale cyber insurance broker -- has launched a Cyber Marketplace for its insured customers. The marketplace includes such partner solutions as:
- CyberArk for Privileged Access Management (PAM);
- CyberCube for cyber risk analysis;
- Trusona for password management and endpoint protection;
- Tenax Solutions for Vulnerability Remediation and Support, Security Configuration Reviews, Social Engineering Protection, and 24x7 MDR solutions;
- Tetra Defense for cybersecurity incident response;
- Security Scorecard for risk assessment; and
- Strata for consistent identity and access policies.
Cyber Insurance for MSPs and MSSPs: Simplified Solutions?
Amid continued ransomware attacks, demand for cyber insurance continues to surge. Indeed, the global cyber insurance market will reach $29.2 billion in 2026, up from $11.9 billion in 2022, according to Research and Markets. That's a 19.6% compound annual growth rate (CAGR), the research firm indicates.
Still, MSPs and MSSPs face multiple challenges while navigating the cyber insurance market. Indeed, insurers know service providers are prime targets for cyberattacks -- and that means MSPs and MSSPs must now complete lengthy, detailed questionnaires from insurance providers. Moreover, cyber insurance rates are generally rising because of increased payouts.
Amid that backdrop, MSPs and MSSPs are seeking simplified cyber insurance solutions from companies that truly understand and align with cyber insurance providers. In response, companies such as ControlCase, ConnectWise and FifthWall Solutions have been partnering to streamline and automate the cyber insurance application and approval process.