Stellar Cyber, a leader in Open XDR security solutions, proudly announces the launch of its innovative RiskShield Cyber Insurance Program, designed specifically for Managed Security Service Providers (MSSPs) and their customers. This program integrates cyber insurance options for MSSPs, leveraging the Stellar Cyber Open XDR platform to streamline and accelerate insurers’ risk acceptance analyses while providing customized protection that aligns with existing risks.
1. Key Benefits of the RiskShield Program
- Exclusive Cyber Insurance Rates:
- MSSPs can offer customized cyber insurance coverage at highly competitive rates, enhancing the value of their managed security services.
- Enhanced Market Position:
- Differentiates MSSPs in the competitive cybersecurity market by adding a unique value-added service.
- Comprehensive Security Coverage Reports:
- The Stellar Cyber Coverage Analyzer provides detailed security reports, increasing transparency and trust between MSSPs and their clients, which drives improved security posture and lowers insurance premiums.
- Streamlined Insurance Process:
- Through partnerships with insurance providers, MSSPs simplify the process of obtaining cyber insurance, ensuring clients receive appropriate coverage with expert underwriting and regulatory support.
2. Program Details
- Partnership with Converge Insurance:
- The RiskShield program launches in collaboration with Converge Insurance, enabling MSSPs to offer tailored cyber insurance solutions with unmatched coverage and pricing.
- Stellar Cyber Coverage Analyzer:
- A sophisticated tool that enables MSSPs to present a comprehensive view of a client’s security posture by analyzing data from installed security tools (e.g., EDR, MFA, Firewalls).
- Utilizes the MITRE ATT&CK framework to evaluate the breadth and effectiveness of security coverage, helping to determine eligibility for premium cyber insurance coverage and competitive pricing.
3. Industry Insights
Dr. Mike Saylor, CEO and Founder of Blackswan Cybersecurity, stated, “The Stellar Cyber RiskShield program is a convergence of risk management and cybersecurity that will undoubtedly help small and medium-sized businesses better understand and obtain the cyber insurance protection they need.”
4. Collaboration with Converge Insurance
- Expert Risk Assessments:
- Converge Insurance is a leader in cyber insurance technology, known for integrating advanced technology and expert underwriting to provide coverage for companies with up to $750 million in revenue.
- ConvergeConnect™:
- Offers primary cyber coverage through partnerships with prequalified technology providers, simplifying the cyber insurance process for MSSPs and their clients.
- Access to Wholesale Brokers:
- Provides specialized knowledge in state and local regulatory compliance, ensuring a smooth path to obtaining cyber insurance.
5. Commitment to MSSPs
Jim O’Hara, Chief Revenue Officer at Stellar Cyber, stated, “We are committed to empowering MSSPs with innovative features and resources that not only enhance security but also add significant business value to their services. Our strategic relationship with Converge Insurance through the RiskShield Cyber Insurance Program is the first in a series of innovative cyber insurance partnerships.”
The RiskShield Cyber Insurance Program from Stellar Cyber marks a significant advancement in how MSSPs can deliver exceptional security and value to their clients. By leveraging the Open XDR platform, MSSPs can now offer cyber insurance with transparent risk assessments and competitive rates, ensuring comprehensive and effective coverage for their clients.