Humphrey Covill & Coleman Insurance Agency in New Bedford and Micro Technology Solutions, Inc. in Fairhaven have come together to help local businesses struggling with the rising risks from different types of cyber crime.
Cyber liability insurance has become a hot topic lately. Small businesses are increasingly targeted by cyber criminals as larger firms harden their cyber defenses, making themselves less susceptible targets. At the same time, cyber liability insurance carriers have experienced higher than expected losses and so are tightening the requirements to obtain coverage.
This presents a challenge for small firms with limited cyber security experience. Not only is it difficult to sort through the myriad of available cyber security technologies, in many cases Multi-Factor Authentication (MFA) and other technologies are required before insurance carriers will issue a policy. So, small firms that have identified that they are at risk of vulnerability to various types of cyber crime find it difficult to protect themselves with technology and insurance.
Pete Covill, Vice President of HCC said, “We are excited to work with MTSi. Many of our customers have trouble understanding rapidly changing technologies. By partnering with MTSi, our customers can submit cyber insurance applications we know are accurate, and at the same time, MTSi is there to help explain the risks involved and how they can protect themselves from hackers.” Barry Dextraze of HCC states that “HCC’s new cyber liability rating platform instantly quotes the top 8 cyber carriers in the United States.”
Jesse Cabral, CEO of MTSi says, “This partnership will allow us to help small businesses protect themselves with MFA, EDR and other key cyber security technologies.”