Rising Cybersecurity Insurance Demands Create New Opportunities for Technology Service Providers, Says Info-Tech Research Group

Info-Tech Research Group's newly published blueprint provides technology service providers (TSPs) with practical strategies to become trusted partners in the cyber insurance industry, bridging critical service gaps and driving operational efficiency across the entire cyber insurance lifecycle, from risk assessment to claims management.

TORONTO, Dec. 10, 2024 /PRNewswire/ - As AI-driven threats escalate and cybersecurity vulnerabilities evolve, the cyber insurance industry faces mounting pressure to adapt to a rapidly changing risk landscape. Insurers are raising eligibility requirements, leaving organizations struggling to meet heightened expectations while balancing cost, coverage, and effective risk management. To address these challenges, Info-Tech Research Group's newly published blueprint, Launch Cyber Insurance Support Services, provides technology service providers (TSPs) with a strategic framework to help their clients meet rising requirements and navigate the complexities of the cyber insurance lifecycle.

This resource equips TSPs with practical strategies to position themselves as indispensable partners throughout the cyber insurance lifecycle. By offering tailored advisory and cybersecurity services that meet the needs of both policyholders and insurers, TSPs can bridge service gaps while optimizing processes such as risk assessment, claims management, and policy renewal.

"Today, the cyber insurance industry stands at an inflection point, recognizing that previous approaches to security were ineffective and unsustainable," says Justin St-Maurice, principal research director at Info-Tech Research Group. "Insurers now demand robust due diligence and comprehensive security controls, meaning only organizations with mature security postures will qualify for coverage. As the bar for insurance eligibility continues to rise, customers around the world are scrambling to meet these new requirements."

Info-Tech's blueprint emphasizes the critical role of TSPs in bridging the gap between insurers and policyholders. While insurers focus on assuming calculated risks, TSPs can mitigate these risks by providing proactive strategies and cybersecurity enhancements that meet rising industry standards. Acting as strategic intermediaries, TSPs are uniquely positioned to align, ensuring robust security measures are in place to prevent breaches, minimize losses, and maintain insurability.

By aligning their services with both insurer requirements and customer needs, TSPs can drive operational efficiency while supporting critical processes throughout the insurance journey. Info-Tech's resource outlines the following seven key stages in the cyber insurance lifecycle, detailing how TSPs can deliver value at each step:

• Risk Assessment – Perform detailed cyber risk quantification and vulnerability identification to assess exposure and ensure alignment with requirements.
  
  
• Policy Selection – Translate risk assessments into financial terms and recommend policies that meet risk-transfer needs.
  
  
• Underwriting – Prepare comprehensive documentation, support onsite audits, and advocate for the organization's cybersecurity posture to insurers.
  
  
• Implementation and Maintenance – Continuously monitor, audit, and test cybersecurity controls and perform regular penetration testing to maintain compliance.
  
  
• Incident Response – Coordinate incident response with insurers by providing regular updates, avoiding duplication of effort, and ensuring all entitled services are used.
  
  
• Claims Management – Provide detailed claims documentation, resolve disputes through technical evidence, and validate compliance with policy requirements.
  
  
• Policy Renewal – Assess the effectiveness of modernized cybersecurity practices, review insurance usage, and renew policies based on current risk and innovation.

The evolving threat landscape and increasing complexity of insurance requirements have created a unique opportunity for TSPs to expand their influence. By aligning their services with insurer standards and providing tailored support to policyholders, TSPs can reduce breach risks, streamline processes, and establish themselves as indispensable players in a growing market. Through the actionable strategies outlined in Info-Tech's blueprint, TSPs can not only meet but exceed these expectations, strengthening relationships and fostering trust across the cyber insurance ecosystem.

To receive exclusive commentary or to schedule an interview or podcast appearance with Justin St-Maurice, a leader in implementing technology and driving digital transformations, and to access to the complete Launch Cyber Insurance Support Services blueprint, please contact [email protected].

About Info-Tech Research Group
Info-Tech Research Group is one of the world's leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech's divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software buying insights.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm's Media Insiders program. To gain access, contact [email protected].

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

SOURCE Info-Tech Research Group