The Role of SIEM in Meeting Cyber Insurance Requirements

Insurance underwriters specialize in minimizing risk, which is why many types of insurance require inspections before coverage begins. Cyber insurance, a newer type of coverage, takes things a step further. Instead of a one-time inspection, underwriters want to see that the networks they insure are not just protected but have systems in place to maintain and monitor that protection continuously.

Like MSPs and MSSPs, underwriters understand that cybercriminals are constantly evolving their strategies. Staying a step ahead requires not just tools but a proactive, ongoing approach to security.

A Rapidly Growing Opportunity for MSPs and MSSPs

Cyber insurance is one of the fastest-growing sectors in the insurance industry. According to Cybersecurity Dive, global cyber insurance premiums are expected to grow from nearly $15 billion in 2023 to over $20 billion by 2025.

For MSPs and MSSPs, this growth translates into opportunity. As cyber insurance becomes a necessity for businesses, MSPs can help customers meet coverage requirements while securing their networks against emerging threats.

One of the first hurdles for businesses seeking cyber insurance is completing the application. These forms are often long and complex, requiring detailed information about IT environments. MSPs are uniquely positioned to assist, helping clients provide accurate, up-to-date details that align with insurers’ expectations.

What Cyber Insurers Look For:

• Network protection measures: MFA, email filtering, and phishing defenses.
• Threat monitoring and management: Proof of real-time vigilance and response.
• Incident response planning: Defined processes for identifying and addressing vulnerabilities, remediating threats, and reporting incidents.

By guiding clients through these requirements, MSPs become indispensable partners in the insurance process.

Why SIEM is Becoming Essential for Cyber Insurance

While tools like MFA and phishing defenses are important, one of the most critical questions insurers ask is: How do you manage threats in real time?

This is where a Security Information and Event Management (SIEM) platform proves invaluable.

A SIEM collects and analyzes logs from various tools—firewalls, endpoints, intrusion detection systems, and more. By connecting the dots, it provides insights into how attacks begin, which systems are affected, and whether any data has been compromised.

Why Insurers Value SIEM:

• Comprehensive visibility: A SIEM provides a clear, detailed view of the entire network.
• Proactive threat response: It identifies and responds to threats before significant damage occurs.
• Streamlined compliance reporting: SIEM platforms simplify regulatory audits and documentation.
• Critical for incident recovery: Log data helps reconstruct security events, enabling faster root cause analysis and recovery after an incident.

Some insurers even offer premium discounts to businesses using effective SIEM solutions, recognizing their proactive risk management.

Making SIEM Affordable and Accessible

Historically, SIEM platforms were costly, requiring substantial investment in technology and personnel. This put them out of reach for many small and medium-sized businesses.

Now, cloud-based SIEM solutions, like Blumira, are changing the game. These platforms handle the technical heavy lifting—log management, threat detection, compliance reporting—making enterprise-grade security accessible and affordable for organizations of all sizes.

Why MSPs Should Care

Blumira’s modern SIEM doesn’t just help customers—it creates new opportunities for MSPs. Here’s how:

• Simplify application support: Assist clients in meeting cyber insurance requirements.
• Expand service offerings: Provide ongoing monitoring, threat response, and remediation.
• Support incident recovery: Help insured clients with log data and forensic insights, potentially qualifying for compensation from insurers for recovery efforts.

Blumira even offers free SIEM for MSP partners, allowing you to showcase its value to clients while exploring additional opportunities for growth.

The Bottom Line

Cyber insurance isn’t just about getting coverage—it’s about proving that a business can stay ahead of threats. For many, a SIEM is the key to meeting this standard.

With Blumira, MSPs and MSSPs can deliver affordable, effective SIEM solutions while driving their business forward. Want to see for yourself? Explore Blumira’s MSP Program and request your free NFR license today.