Stellar Cyber announced the launch of its RiskShield Cyber Insurance Program, developed specifically for Managed Security Service Providers (MSSPs) and their customers. RiskShield integrates cyber insurance options for MSSPs using the Stellar Cyber Open XDR platform to streamline and accelerate insurers’ risk acceptance analyses and enable customized protection that matches existing risk.
RiskShield delivers these key benefits for MSSPs and their clients:
- Exclusive Cyber Insurance Rates: MSSPs may offer their clients customized cyber insurance coverage at highly competitive rates, enhancing the value of their managed security services.
- Enhanced Market Position: MSSPs differentiate themselves in the competitive cybersecurity market by offering this unique value-add service.
- Comprehensive Security Coverage Reports: The Stellar Cyber Coverage Analyzer provides detailed security reports, increasing transparency and trust between MSSPs and their clients, driving improved security posture, and facilitating lower insurance premiums.
- Streamlined Insurance Process: Through partnerships with insurance providers, MSSPs simplify the process of obtaining cyber insurance, ensuring their clients receive appropriate coverage with expert underwriting and regulatory support.
Program Details
The RiskShield program debuts in partnership with Converge Insurance, enabling MSSPs to offer their clients tailored cyber insurance solutions that provide unmatched coverage and pricing. This innovative program marks another significant milestone in how MSSPs using Stellar Cyber Open XDR add unique value to their security services.
At the program's core is the Stellar Cyber Coverage Analyzer, a sophisticated tool that empowers MSSPs to present a clear, comprehensive picture of a client’s security posture. By accessing data from installed security tools—such as Endpoint Detection and Response (EDR), Multi-Factor Authentication (MFA), and Firewalls—the Coverage Analyzer uses the MITRE ATT&CK framework to evaluate the breadth and effectiveness of security coverage. MSSPs share these analyses with their clients, as well as any insurer, to facilitate the determination of eligibility for premium cyber insurance coverage and competitive pricing.
“The Stellar Cyber RiskShield program is a convergence of risk management and cybersecurity that will undoubtedly help small and medium-sized businesses better understand and obtain the cyber insurance protection they need,” said Dr. Mike Saylor, CEO and Founder, Blackswan Cybersecurity.
Stellar Cyber’s inaugural insurance partner is Converge Insurance, a leader in cyber insurance technology known for integrating advanced technology and expert underwriting to provide coverage for companies with up to $750 million in revenue. This collaboration has produced ConvergeConnect, which offers primary cyber coverage through partnerships with prequalified technology providers. Converge Insurance offers expert risk assessments and competitive insurance rates, reflecting the robust security measures implemented by the MSSPs using the Stellar Cyber Open XDR platform.
Converge further simplifies the cyber insurance process for MSSPs and their clients by providing access to wholesale brokers specializing in state and local regulatory compliance, ensuring a smooth and efficient path to obtaining cyber insurance.
“At Stellar Cyber, we are committed to empowering MSSPs with innovative features and resources that not only enhance security but also add significant business value to their services,” said Jim O'Hara, Chief Revenue Officer at Stellar Cyber. “Our strategic relationship with Converge Insurance through the RiskShield Cyber Insurance Program is the first in a series of innovative cyber insurance partnerships. By leveraging the power of our Open XDR platform, MSSPs may offer clients cyber insurance with transparent risk assessments and competitive rates. Our Converge partnership reflects our mission to provide exceptional security and value, enabling our MSSP partners to lead the market and ensure their clients can secure comprehensive, effective cyber insurance coverage.”
Resources:
- RiskShield Cyber Insurance Program overview https://stellarcyber.ai/company/riskshield-cyber-insurance-program-for-mssps/
- RiskShield Cyber Insurance Program datasheet https://stellarcyber.ai/wp-content/uploads/2024/10/Stellar-Cyber-RiskShield-Datasheet.pdf
- RiskShield Cyber Insurance Program blog https://stellarcyber.ai/introducing-stellar-cyber-riskshield/
