SolCyber Transforms Cyber Insurance for the Mid-Market with Converge

DALLAS, Aug. 16, 2022 /PRNewswire/ -- SolCyber, a Forgepoint Capital company and the first modern MSSP for the midmarket, today announced a partnership with Converge, an emerging cyber insurance provider, to redefine cyber insurance for the mid-market. The partnership helps small and mid-sized organizations dramatically improve their security posture and decrease business risk with a more efficient application process, enhanced coverage and significant premium savings of up to 30 percent.

Throughout 2020 and 2021, the number of cyberattacks against mid-sized businesses increased by at least fifty percent. With attacks on the rise, cyber insurance has become an essential for businesses to be able to operate effectively and profitably. Until now, companies were facing a complex, time-consuming application and approval process with soaring prices — recent research shows cyber insurance premiums have increased upwards of fifty percent, with some quotes jumping closer to one hundred percent.

"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," said Scott McCrady, CEO at SolCyber. "It's simple, keep customers protected with our Foundational Coverage, and reward that effort with easy and cost-effective cyber insurance."

With the new offering, organizations are able to reach a foundational level of cybersecurity covering nine controls, that will demonstrate their reduced exposure, as these nine controls are considered by cyber insurance underwriters to be critical in protecting against ransomware and other debilitating incidents.

"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."

In addition, SolCyber is one of the inaugural members of Marsh's Cybersecurity Marketplace Services offering. Marsh's Cybersecurity Marketplace Services is an extension of the brokerage model to cybersecurity, providing objective advice from a curated shortlist of vendors for companies to choose from that match their particular risks and cyber maturity objectives. The vendors are pre-screened by Marsh's cybersecurity specialists for effectiveness, ease of administration, alignment with industry frameworks and compliance requirements, ease-of-use, technology, interoperability, and price point.

For more details on how to access the SolCyber Insurance+ Program, customers can have their current insurance broker contact Converge directly. SolCyber recommends beginning this process 60 days prior to the renewal date. For more information, please visit: https://solcyber.com/cyber-insurance-program/

About SolCyber
SolCyber, a Forgepoint company, is the first modern MSSP to deliver a curated stack of enterprise strength security tools and services that are streamlined, accessible and affordable for any organization. SolCyber is disrupting the status quo, by providing a new standard of managed security services that work to reduce cyber risk, wastage and complexity. We believe in a secure environment for all. For more information about SolCyber, visit solcyber.com or follow us at @SolCyberMss or on LinkedIn.

About Converge
Converge, a Forgepoint company, is a next generation cyber insurance and services company providing transparent underwriting, richer data, and effective risk management solutions. Converge seamlessly weaves together underwriting, security, and technology to deliver radically transparent cyber insurance and a tapestry of risk management capabilities. This empowers policyholders and customers to manage cyber and technology risks for their businesses more intelligently. For more information about Converge, visit convergeins.com or follow us on LinkedIn. 

About Marsh
Marsh is the world's leading insurance broker and risk advisor. With around 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan, the world's leading professional services firm in the areas of risk, strategy and people. With annual revenue nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit marsh.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

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SOURCE SolCyber