2024 was predicted to open up new opportunities for MSPs in cyber insurance, though it’s becoming increasingly difficult for MSPs to find cyber insurance methods tailored to their clients’ specific needs. That’s where two vendors found an opportunity to work together —and prove their commitment to the IT channel.
Cork and DataStream announced a partnership earlier this month that aims to simplify the underwriting process and elevate cyber protection. The collaboration will make it easier for MSPs to secure comprehensive and cost-effective insurance policies.
Carlson Choi
Cork CEO Carlson Choi and DataStream Co-founder and Managing Director Paul Guthrie recently sat down to chat with ChannelPro. During the conversation, they discussed how their partnership marks a significant advancement for services providers in the cyber insurance landscape.
Simple Services Working in Tandem
The companies’ services work well together. Cork is known for its innovative cyber warranty solutions, while DataStream is a digital broker specializing in cyber insurance.
MSPs can leverage Cork’s security platform and real-time data capabilities to streamline the underwriting process. DataStream, with its robust technology backing and vast data resources, will provide efficient insurance outcomes customized to the specific needs of MSPs and their clients.
Together, they address a critical need in the MSP community: Simplifying the complex process of obtaining cyber insurance. “We’ve designed our platform to create a seamless experience for MSPs,” Choi explained. “Our integration with DataStream allows for an almost instantaneous assessment of security gaps and provides tailored insurance solutions with just a few clicks.”
Guthrie highlighted the efficiency and transparency this partnership brings. “Our goal is to reward companies that take cyber protection seriously. By integrating with Cork’s platform, we can offer customized policies based on real-time security data, ensuring that MSPs and their clients receive the best possible coverage at competitive rates.”
Integration and Real-Time Data Bring Immediate Cyber Insurance Estimates
The integration of Cork’s security platform with DataStream’s cyber insurance services allows for continuous monitoring and real-time data sharing. That is crucial for accurate risk assessment and policy underwriting. Choi described this as moving from an “analog method to underwrite a digital environment” to a more dynamic and responsive system.
“This fully integrated approach means MSPs can quickly identify security gaps and receive immediate insurance estimates based on their current security posture,” Choi added. This saves time and ensures that the insurance policies are customized and relevant to the actual risk profiles of the MSPs’ clients.
Paul Guthrie
Enhancing Cyber Protection
The rise in cyber threats, particularly ransomware attacks targeting small to midsized businesses (SMBs), underscores the need for robust cyber insurance. Many SMBs struggle to afford or obtain suitable insurance due to outdated underwriting methods, Guthrie pointed out. “With Cork’s holistic view of individual companies and our global perspective on cyber threats, we can provide more accurate and fair insurance outcomes.”
Even minor lapses in security can be quickly addressed with continuous underwriting and real-time security assessments. This proactive approach protects businesses and aligns with the insurers’ goal of minimizing claims by mitigating risks upfront.
Built on Community and Trust
Cork and DataStream place a high value on their relationships with MSPs. For one thing, they view them as partners rather than just customers. Their approach to developing and refining their solutions reflects this philosophy.
“We listen to our partners and strive to create products that truly meet their needs,” Choi emphasized. “Our partnership with DataStream is a testament to this commitment, as it combines our strengths to offer unparalleled value to the MSP community.”
Guthrie echoed Choi’s sentiment. “The channel is the frontline of security implementation. By partnering with Cork, we can ensure that MSPs have the tools and support they need to protect their clients effectively.”
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