Webinar-MSP+ Cyber Insurance Fina.pptx
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What problems are we exist between IT Security and Cyber Insurance? Correlation between Cyber Maturity and Cyber Insurance Why is this Urgent? What You can Do Today to Reduce Risk?
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Webinar-MSP+ Cyber Insurance Fina.pptx
- 1. WEBINAR: HOW TO LIMIT YOUR EXPOSURE TO RISK WITH CYBER INSURANCE YOUR IT COMPLIANCE PARTNER – GO BEYOND THE CHECKLIST
- 2. AFY MERCHANT ControlCase JEFF ZABA ConnectWise REID WELLOCK FifthWall Our Speakers © ControlCase. All Rights Reserved. 2
- 3. Agenda © ControlCase. All Rights Reserved. 3 1. Partnership Overview 2. What Problems are we Addressing? 3. Correlation between Cyber Maturity and Cyber Insurance 4. Why is this Urgent? 5. What You can Do Today to Reduce Risk? 6. Q & A
- 4. PARTNERSHIP OVERVIEW 1 © ControlCase. All Rights Reserved. 4
- 5. MY BUSINESS MY TEAM MY CUSTOMERS RATE-QUOTE-BID RESPONSE CO-SELL ASSESS STABILIZE 360° VIEW Share Cyber Risk Approach Streamline Cyber Protection Process Automate Cyberinsurance and Compliance Partnership Overview © ControlCase. All Rights Reserved. 5
- 6. WHAT PROBLEMS ARE WE ADDRESSING? 2 © ControlCase. All Rights Reserved. 6
- 7. What Problems are We Addressing? © ControlCase. All Rights Reserved. 7 MSP’s are now being brought into their clients Cyber Insurance Application Process. 1 MSP’s are now being asked to have a base level of understanding regarding client’s coverage and eligibility. 2 MSP’s don’t understand their client’s coverage and carrier specific IR process (Is the MSP an approved vendor). 3 MSP’s are being either declined/non-renewed coverage or paying extremely high premiums for their own Insurance. 4 MSP’s end clients risk control now directly effects MSP eligibility for insurance. 5
- 8. Security Controls Risk Reduction Eligibility Increases See the ROI © ControlCase. All Rights Reserved. 8 ADOPTION OF RISK MANAGEMENT TOOLS • AV • EDR • Patching • MFA • SAT • Backups • Etc. Provide a path to better rates and eligibility. Risk Management tools lowers overall cyber-Risk.
- 9. CO-RELATION BETWEEN CYBER MATURITY & CYBER INSURANCE 3 © ControlCase. All Rights Reserved. 9
- 10. Co-relation Between Cyber Maturity & Cyber Insurance © ControlCase. All Rights Reserved. 10 Risk Advisor SHIFT → INSURANCE AGENT IT/MSP
- 11. MSP+ Cybersecurity Framework MSP+ Baseline Fundamentals Partial / Ad-hoc MSP+ Advanced Risk Informed Secure MSP Master Repeatable Security Awareness Training (Minimum Modules/Topics) • Phishing • Social Networks • Malware • Mobile Devices • Data Security • Privileged User • Social Engineering • Passwords • Browsing Safely Physical Security Measures • Safeguards & protections for Server room (Cypher locks minimum) • Clean Desk Policy • Visitor Escort Program Perimeter Security Solution (Firewall) • NSA or CiSA Hardening Guidelines implemented Endpoint Protection • Solution implemented, managed, & monitoring Event Log Collection • Servers, Workstations, IDS/IPS, AV, etc. • SIEM Aggregated & Monitored Backup Solution (Critical Systems) • Audit Collection, SIEM, EDP, PII, etc. • 3-2-1-Tiered backup Solution Implemented • Tested Monthly Flat Network Design (Internally in most cases) • Planning for multiple VLAN segmentation (minimum) • Working with clients to implement segmentation in their environment Security Awareness Training. Must have all Baseline Module and the following: • Insider Threat • Cloud Services • Physical Security • Working Remotely • Encryption • Help Desk • Senior Leadership • Security Becoming Part of Culture • System Auditing (Critical Systems) • Physical Security Measures • System Hardening (Critical Systems) • Perimeter Security Solutions (Firewall, IPS) • Endpoint Protection • Managed, Detection, & Response (MDR-Opt.) • Ad-hoc Risk Management Practices • 3-2-1-Tiered Backup Solution • Documented Security Plan • VLAN Segmented Design, Internally, & with some Clients • Security Awareness Program • Executive Support (Opt.) • Security as Part of Culture (by design) • Identity & Access Management (IAM) • System Auditing • Physical Security Measures • System Hardening Requirements • Perimeter Security Solutions (Firewall, IPS, DMZ) • Endpoint Protection & Response (EDP) • Managed, Detection, & Response (MDR) • Formal Risk Management Program • Security Operations Center (SOC-Opt.) • 3-2-1-Tiered Backup Solution • Documented Security Plan (DR, BCP) • Metrics for the IT Security Program are Established • VLAN Segmented Design, Internally, & with Clients © ControlCase. All Rights Reserved. 11 Fundamental Cybersecurity Maturity Levels ( Fundamentals | Advanced | Master )
- 12. RANSOMWARE CREDIT MONITORING LEGAL PR EXPENSES SOCIAL ENGINEERING FRAUD RESPONSE ELECTRONIC THEFT INCOME LOSS FORENSICS DATA RESTORATION PRIIVACY REGULATION What is Cyber Insurance? © ControlCase. All Rights Reserved. 12 • Protects businesses against the financial impact of data breaches and cyber attacks • It’s Comprehensive • It includes critical crime coverages (e.g. Ransomware, Social Engineering) • It’s not attached to other lines of coverage (Endorsements)
- 13. WHY IS IT URGENT? 4 © ControlCase. All Rights Reserved. 13
- 14. Why is this Urgent? © ControlCase. All Rights Reserved. 14 The top 20 groups in the cyber insurance market reported direct loss ratios in the range of 24.6% to 114.1% (Average of 66.9%) in 2020. OVER 65-70% ARE LOSING MONEY Loss Ratios: • Chubb: 61% loss ratio with 14.7% market share • AXA Insurance Group: 98% loss ratio with 10.6% market share • American Intl 100.6 % loss ratio with 8.3% market share
- 15. Risk of Data Breach for MSPs © ControlCase. All Rights Reserved. 15 Total Security Incidents by Quarter Top 10 Industries Targeted by Ransomware Ransomware Incidents Targeting MSPs by Quarter 2021 500 Security Incidents from MSPS & Their Partners 40% of the Incidents Related to Ransomware 25% Related to Exchange Vulnerabilities Triple threat techniques will continue to rise - ransom, data leaks, and DDoS.
- 16. 2015-2018 • Cyber insurance was low cost with very little underwriting. • Adoption was low (around 10%) but the process was very simple and easy. 2019 • Claims started rising significantly! • Awareness and defenses are still low. • Ransomware was hot on the scene - carriers were NOT prepared. 2020 • Incidents still rising, and the pandemic forced work from home shift. • Demand for cyber insurance skyrocketed and carriers are losing money rapidly. • Underwriting start evolving… Co-relation Between All Standards – Slide A © ControlCase. All Rights Reserved. 16
- 17. WHAT CAN YOU DO TODAY TO REDUCE RISK 5 © ControlCase. All Rights Reserved. 17
- 18. Compliance Journey for Customers + MSPs © ControlCase. All Rights Reserved. 18 INSURANCE QUOTE ASSESS Assessment Tool Powered by Playbooks REMEDIATE Powered by EXTERNAL CERTIFICATION MSP → TECH E&O Customer → Cyberinsurance INSURANCE C Y B E R S E C U R I T Y P R O D U C T S
- 19. What ConnectWise Has Done to Mitigate Your Risk © ControlCase. All Rights Reserved. 19 The ConnectWise MSP+ Cybersecurity Framework is a certification program for the MSP community. Based upon best practices and providing a journey of growth from baseline security elements to cybersecurity maturity, the ConnectWise MSP+ Cybersecurity Framework is designed as a resource to assess and enhance the cybersecurity posture and services provided by MSPs to their clients. Provide an affordable assessment framework as the foundation of your cybersecurity program Lower your RISK. Protect your environment & client data. Help your clients to attain Cyber Insurance eligibility.
- 20. How Does it Work © ControlCase. All Rights Reserved. 20 MSP+ FUNDAMENTALS SELF ASSESSMENT IS NOT VERFIED MSP CLIENTS – CYBER INSURANCE ELIBILITY MSP+ SELF ASSESSMENT START MSP+ OVERVIEW YOU ARE HERE MSP+ PLAYBOOKS CW UNIVERSITY MSP+ FUNDAMENTALS OVERVIEW MSP+ CONTROL EVIDENCE UPLOAD MSP+ SELF ASSESSMENT REPORT CYBE INSURANCE ELIGIBILITY MSP + FUNDAMENTALS – SELF REGISTRATION COMPLIANCE HUB PLUGIN INTEGRATION SELF ASSESSMENT 1 2 3 4 5 6 7 8 9 VERIFIED BY CONTROLCASE
- 21. Roadmap for Your Security Journey © ControlCase. All Rights Reserved. 21 Assist you to build your security journey with a MSP+ self assessment and advance to cybersecurity maturity with MSP+ Advance and Mastery or diver to other industry best practices framework.
- 22. Solution © ControlCase. All Rights Reserved. 22 Certification and Continuous Compliance Services PCI DSS PCI SSF PCI P2PE HITRUST CSF HIPAA ISO 27001 SOC2 NIST 800-53 PCI PIN PCI PA-DSS FedRAMP PCI 3DS One Audit™ Assess Once. Comply to Many.
- 23. QUESTIONS & ANSWERS 5 © ControlCase. All Rights Reserved. 23
- 24. THANK YOU. www.controlcase.com contact@controlcase.com Download MSP Security Best Practices Schedule FREE Consultation
- 26. Contact Us © ControlCase. All Rights Reserved. 26 Links: https://marketplace.connectwise.com/controlcase-compliancehub https://www.connectwise.com/company/contact-us https://fifthwallsolutions.com/contact/ Emails: contact@controlcase.com info@fifthwallsolutions.com
Hinweis der Redaktion
- Webinar Name: Options 1) Cyber Resilience and Cyber Insurance 2) How Cyber Maturity effects Cyber Insurance 3) How to limit your risk exposure with Cyber Maturity and Cyber Insurance.
- Story board – Afy welcomes the participants Afy does a very short brief on Agenda and mentions the other Co-host - Afy handovers for Jeff and Raffy to do self introduction
- Afy to Jeff – to start the conversation on PArtnership My Business – Educate owners on how cyber liabilities insurance works to absorb risk, assist in acquiring Tech E&O coverage and protect legacy in the aftermath of an attack My Team – Enable my teams to reduce the attack surface and blast radius of a breach with verified solution, identify skills gaps and document cyber standard operating procedures C. My End-Clients – Assist in acquiring incident coverage in the case of high-risk scenarios that doesn’t delay the recovery business continuity and covers the litany of post attack costs. Simplify the discover, rate, quote, bind and renew Cyber Insurance experience for partners and end-clients Signal product quality with out-of-the-box incident coverage when using verified ConnectWise platforms, services and integrated ecosystem solutions. Team up to sell-with (a.k.a. co-sell) cyber liabilities insurance through to end-clients and increase cross-sell / up-sell opportunity for premium cybersecurity service contracts Assessment and 3rd party validation reporting across mainstream cyber control frameworks such as NIST, SOC II, etc. Stabilize premiums, receive benefits and discounts for accepted / disciplined maturity levels Centralized 360-degree view dashboard of cyber risk exposure and coverage
- Afy to Jeff – so what are the problems you saw and the strategic thinking around it
- Jeff hands over to Reid to talk about Cyber Insurance and later towards Tech E&O and Cyber Insurance towards next three slides (10,11,12) - Reid – 5 mins (Total – 17 mins)
- Afy to Reid – What is the urgency related to Cyber Insurance Question – Clearly there is urgency, but help us understand, what has determined this to be of urgent nature.. (frame a better question) Reid to use the slide (17,18,19,20,21, 22) to talk about Cyber Insurance Reid to take 5 mins (total time – 24 mins)
- Story of MSP Threat Report
- Jeff and Reid to conclude with closing statements
- Jeff to hand over to Afy -
- Afy to Talk in depth about our process for Cyber security maturity and Cyber insurance Slide 26 – 2 mins (total time 27 mins)
- RoadMAP Main Path Growing bubbles from MSP+ Fundamentals to MSP+ Advanced to MSP+ Mastery Tangent Paths If MSP clients are Payment centric – a tangent path to PCI DSS bubble + P2PE bubble If MSP clients are Healthcare centric – a tangent path to HIPPA bubble + HITRUST bubble If MSP clients are Service provider organization – a tangent path to SOC2 Type1 bubble + SOC2 Type2 bubble If MSP clients are government provider organization – a tangent path to FedRAMP bubble + StateRAMP bubble If MSP clients are Defense Industrial base organization – a tangent path to CMMC bubble