For many organizations, the million-dollar question surrounding Managed Detection and Response (MDR) is no longer “do they need it” (the answer is yes), but rather “how can they afford it”?
Cybersecurity teams are frequently introducing Managed Detection and Response (MDR) as a cutting-edge addition to their defenses – and, correspondingly, requesting new budget allocations for this innovative solution. While some organisations may have sufficient contingency budgets to absorb the costs of an MDR initiative without delay, not all IT funds are equipped with a similar level of flexibility.
Fortunately, organizations facing challenges in funding Medical Device Reporting (MDR) from their existing cybersecurity budgets have alternative options available. By leveraging Managed Detection and Response (MDR) capabilities, organisations can potentially redirect cyber insurance premium savings towards supporting their own security infrastructure, thereby creating a virtuous cycle of improved defences and cost-effectiveness?
Cybersecurity threats require a dual-pronged approach: MDR (Managed Detection and Response) and cyber insurance coverage, which provide complementary means of mitigating these risks. By implementing MDR, you mitigate risk exposure by fortifying your defenses; conversely, insurance coverage transfers the burden of potential harm to a trusted third-party entity.
Insurers increasingly recognize the compelling risk reduction benefits provided by MDR, leading to reduced premiums and more favorable terms for organizations that implement it. One major provider considers MDR customers to be their top-tier prospects due to the relatively low risk of them encountering a costly security incident. While all things are considered, many insurers tend to prefer covering MDR customers and price their insurance policies accordingly.
By streamlining cyber threat risk assessments, organisations can reallocate budgetary resources; a reduced spend on insurance premiums enables the redirection of funds towards proactive Managed Detection and Response initiatives. As the result of robust cybersecurity measures, organizations reap dual benefits: enhanced defenses against emerging threats and reduced costs through proactive protection.
Sophos Managed Detection and Response (MDR) is the global leader in MDR services, protecting more organizations worldwide than any other provider. With consistently high ratings from both prospects and analysts, businesses of all sizes are opting to strengthen and sustain their defenses by choosing Sophos.
Cyber insurers widely recognize the unique threat mitigation capabilities of Sophos MDR, offering prospects discounted premiums and streamlined access to protection.
Sophos’ insurance coverage partners offer tailored insurance options and material discounts for Sophos MDR deployments. Utility varies on a country-by-country basis, contingent upon native insurance coverage laws.
- The United States offers Sophos Managed Detection and Response (MDR) customers automatic qualification for Cysurance’s flat-rate insurance policy, providing discounted protection against potential security breaches. .
- Australia: Cysurance offers a 33% discount on Sophos Managed Detection and Response services to existing MDR customers, with an additional 18-21% discount available for customers already using Sophos Endpoint. .
- The UK has introduced a new offer for Sophos MDR customers, providing 12% off standard prices, with an additional 8% discount available for those also using Sophos XDR. .
A Sophos MDR expert based primarily in North Carolina within the United States recently encountered an unusual instance that warranted immediate attention. Simplified their insurance premiums by a significant $8,000 through Cysurance. By subscribing to Sophos MDR for $8,467 annually, companies can enjoy 24/7 expert-led risk detection and response with only a supplementary expenditure of $467, ultimately leading to significant insurance coverage savings.
Larger companies are also set to benefit from these substantial financial savings. Following a devastating ransomware attack, a prominent UK retailer faced a hefty bill for insurance coverage premiums, with estimates ranging from £1 million. The retailer sought out Sophos Managed Detection and Response (MDR) to mitigate the risk of encountering another cyber attack. Following the allocation of funds, Cowbell was able to offer a six-figure reduction in insurance premiums, freeing up resources to invest in bolstering its cybersecurity measures.
While groups may exhibit distinct insurance coverage and security requirements, this illustrates the substantial potential for investment in cyber defenses to unlock insurance coverage cost savings and reduce the overall total cost of ownership (TCO) for cybersecurity mitigation.
Cyber defences and cyber insurance coverage form a symbiotic relationship, allowing organisations to effectively mitigate and manage their cyber risk exposure. Notwithstanding, traditional corporate structures often perpetuate a siloed approach, wherein budgets and initiatives are typically considered independently without considering interdependencies.
To maximize the effectiveness of your team’s collaboration between cyber insurance coverage and cyber defenses, it’s crucial to reframe the conversation. By adopting a risk-led approach, you will be empowered to harness the combined strengths of your human and financial resources in pursuit of a unified goal, thereby enabling the delivery of exceptional business results.
Already enables more than 23,000 organizations to achieve superior cybersecurity results. By maintaining a team of expert analysts on high alert around the clock, businesses can significantly minimize the risk of a catastrophic cyberattack and empower their IT and cybersecurity teams to focus on more forward-thinking projects. With nearly nine in ten ransomware attacks launched outside typical business hours, leveraging a specialized Managed Detection and Response (MDR) service allows organizations to rest easier knowing they have robust defenses in place 24/7.
Industry experts, clients, and partners universally recognize Sophos MDR’s unique threat mitigation capabilities, garnering widespread acclaim.
To further explore the benefits of Sophos MDR for your organization, consider studying its features and capabilities or consult with your Sophos representative.
