Kaseya has announced it is partnering with Cysurance, a next-generation risk mitigation company that insures, warranties, and certifies security solutions, for its new Kaseya Cyber Insurance Fast Track Program, introduced at the 2023 Kaseya Connect Global event in April. The partnership with Cysurance delivers up to $1.5 million in cyber-security insurance coverage, with 20%-50% discounts from traditional cyber-coverage rates, for companies that adopt and implement Kaseya’s IT Complete Security Suite, which includes Kaseya’s Dark Web ID, BullPhish ID, Graphus or SaaS Defense, Datto EDR, and RocketCyber Managed Security Operations Center (SOC) modules.
The impetus behind the program was to help MSP partners streamline the cyber insurance process for their customers as well as make it more affordable, says Mike Puglia (pictured), general manager of Kaseya’s Security Suite. “We said, ‘what can we do with our weight in the industry to try to help solve that problem for our customers?’”
Puglia says Kaseya is not making money on the program. “We don't get a commission. We don't sell insurance. We don't get paid. It's a partnership that benefits us because we can provide a benefit to our customers, and happier customers stay with their partners. And it obviously provides a benefit to Cysurance because they're in the business of insurance and it opens up additional opportunities to fill insurance policies.”
Kaseya chose Cysurance because the firm has relationships with the “big four” insurance providers, Puglia says, adding that “we felt that Cysurance had the best way to put … together a very simple prebuilt package,” as well as breadth of coverage.
The program is live in the U.S., and Puglia says Kaseya is planning to expand it globally “later on this year.”
Both MSP partners and their customers can participate in the Cyber Insurance Fast Track Program. Puglia offers three reasons why MSPs would offer the program to customers. One, he says, it differentiates the MSP as a cybersecurity expert using secure products, “and as a benefit of being a customer of my MSP, I have relationships with providers that can make it real easy for you to get cyber insurance.” He adds, "Aabsolutely we are seeing MSPs use this as a differentiator. They're not selling insurance, they're just saying, ‘We have a way to make it easier for you because of our relationships.”
Second, he says, now that insurance providers are echoing what MSPs have been telling their customer for years about the need for cyber protection, MSPs have a higher likelihood to sell that customer more cybersecurity services. “So, you should increase your share of wallet with that customer.”
And third, with the ability to streamline the insurance coverage process and the additional services the MSP provides, “those customers should be stickier.”
Puglia says Kaseya will be helping MSP partners go to market with the program via its Powered Services. “What we're doing is putting a lot of effort into helping them recognize this benefit, not just for themselves … but for their customers.”
When asked to contrast the Cyber Insurance Fast Track Program with startup Cork’s cyber warranty offering, which is backed by some Datto alum who left Kaseya after the acquisition, Puglia says not enough details have been provided about Cork’s offering to speak to that. However, he says, “In general, a warranty is usually a one-time payment for a failure of something … whereas an insurance policy covers over a period of time, and in our case, the breadth of coverage is not just a technical coverage to fix things, it covers …business liability, compliance liability, reputation liability, incident response.”