Solcyber Partners Up With Converge To Redefine Cyber Insurance For The Mid-Market
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Solcyber Partners Up With Converge To Redefine Cyber Insurance For The Mid-Market

By CIOReview | Friday, September 2, 2022

As cyber threats are rising, it has become crucial for organizations to have cyber insurance to function efficiently and financially.

FREMONT, CA: "When you have great security, why isn't that recognized by the insurance industry? We want to connect the two and solve the broader risk challenge for organizations. It's simple, keep customers protected with our Foundational Coverage, and reward that effort with easy and cost-effective cyber insurance." says Scott McCrady, CEO at SolCyber.

SolCyber, one of the first contemporary MSSPs for the midmarket and a Forgepoint Capital firm, partners up with Converge, an emerging cyber insurance provider, to redefine cyber insurance for the midmarket. With a faster application process, increased coverage, and considerable premium savings of up to 30%, the alliance enables small and mid-sized enterprises to improve their security posture and reduce business risk drastically.

"SolCyber and Converge's partnership is a game changer for organizations who must strengthen their security posture," said Anthony Dagostino, CEO & Founder of Converge. "We're excited to deliver much-needed peace of mind by helping these small and mid-sized organizations achieve the security they need at a price they can finally afford."

The number of cyberattacks on mid-sized firms grew by at least 50% between 2020 and 2021. With cyber threats on the rise, cyber insurance has become necessary for organizations to function efficiently and financially. Previously companies faced a challenging, time-consuming application and approval procedure, as well as skyrocketing rates. Recent data suggests that cyber insurance premiums have jumped by up to fifty percent, with some quotations going up to one hundred percent.

Organizations can achieve a foundational level of cybersecurity through the new offering, which covers nine controls, demonstrating their reduced exposure. Cyber insurance underwriters consider these nine controls critical to preventing ransomware and other debilitating incidents.