Stellar Cyber Launches New RiskShield Program for MSSPs

Stellar Cyber has unveiled its new RiskShield Cyber Insurance Program for MSSPs and their customers.

RiskShield connects cyber insurance providers with MSSPs to streamline insurers’ risk acceptance analyses and allow customized protection that matches existing risk. 

The program debuts in partnership with Converge Insurance, which provides coverage for a wide range of cyber events, including data breaches and ransomware. The program allows MSSPs to offer their clients tailored cyber insurance solutions that provide “unmatched coverage and pricing,” according to Stellar Cyber.

What Prompted Stellar Cyber to Launch RiskShield

Steve Garrison, senior vice president of Stellar Cyber, said increasing breaches, insurance companies looking for “safe bets” and customers feeling abandoned prompted the need for RiskShield.

“Someone needs to sit between the insurance carrier and the organization being covered,” he said. “MSSPs are an ideal consultative partner to do exactly that. The missing link is a tool to assess the clients maturity. Also, many customers don't understand the fine print and know how to be compliant when that bad day comes. This leads to frustration on all sides.”

MSSPs resell the insurance from Converge Insurance and get discounted rates, Garrison said. 

Related:Sophos CEO Joe Levy on Lessons Learned from CrowdStrike-Microsoft Outage

Stellar Cyber's Steve Garrison

“The discounts come because Converge uses the data from Stellar Cyber's Coverage Analyser to be aware of and understand the client getting insurance,” he said. “MSSPs now bring value and a consultative approach, helping both the insurance carrier finding good clients, and understanding the risk up front.”

New Coverage Analyzer

The program's core is Stellar Cyber's newly developed Coverage Analyzer. With it, MSSPs can present a clear picture of their clients' security postures. By accessing data from installed security tools, the Coverage Analyzer uses the MITRE ATT&CK framework, a knowledge base of adversary tactics and techniques based on real-world observations, to evaluate the effectiveness of security coverage. MSSPs can share these reports with their clients, as well any insurer, to facilitate eligibility for premium cyber insurance coverage and competitive pricing.

“The Coverage Analyzer reports make it far easier for MSSPs to explain the state of security and potential improvements to their clients,” Garrison said. “This helps insurance carriers mitigate risk and assess the maturity of a client before they underwrite the policy.” 

The collaboration between Stellar Cyber and Converge Insurance has produced  ConvergeConnect, which aims to offer primary cyber coverage through partnerships with prequalified technology providers.

Related:Cynomi vCISO Platform: 'Proof Is in the Pudding'

Converge Insurance further simplifies the cyber insurance process for MSSPs and their clients by providing access to wholesale brokers specializing in state and local regulatory compliance.

“Simplifying and improving the process of getting adequate cyberattack insurance will be another stickiness factor that binds clients to MSSPs in the RiskShield program,” Garrison said.