Uncle Marv sits down with Doug Kreitzberg, the founder and CEO of SeedPod Cyber, to explore the intricacies of cyber insurance tailored for managed service providers (MSPs) and their clients. Doug explains that SeedPod Cyber offers a full-fledged cyber insurance program that protects against various cyber threats, including ransomware attacks, data breaches, and social engineering. Unlike traditional insurance providers, SeedPod Cyber partners with MSPs to get a behind-the-firewall view of their clients' environments, allowing for more accurate risk assessment and competitive pricing. 

Doug elaborates on how their approach differs from the rest of the market, which often relies on external scanning and application data, leading to higher costs due to uncertainty. By underwriting the tech stack and deployment of MSPs, SeedPod Cyber can offer substantial savings to businesses. He also discusses the regulatory aspects of selling insurance and how their partnership model allows MSPs to present insurance options without needing a license. 

The episode explores the specifics of the controls SeedPod Cyber looks for, such as automated patch management, EDR solutions, multi-factor authentication, and backup protocols. Doug shares success stories where businesses have significantly reduced their insurance costs by meeting these criteria.

Doug also reflects on his journey to founding SeedPod Cyber, driven by his experience managing cyber incidents and recognizing the need for integrated insurance and security solutions for small and medium-sized businesses. He highlights the importance of continuous monitoring and the potential for dynamic pricing based on real-time risk assessment. 

Finally, Doug shares his positive experience with the IT Nation Pitch It Accelerator Program, emphasizing the value of the insights gained and the exposure to the MSP community. He expresses optimism about the future, regardless of the competition's outcome, and looks forward to leveraging the networks built during the program.

Key Takeaways

1. Innovative Cyber Insurance: SeedPod Cyber offers a unique cyber insurance program that partners with MSPs for better risk assessment and competitive pricing.
2. Behind-the-Firewall Approach: By getting a behind-the-firewall view, SeedPod Cyber can accurately assess risks and reduce insurance costs.
3. Regulatory Compliance: MSPs can present insurance options to clients without needing a license, thanks to SeedPod Cyber's partnership model.
4. Comprehensive Controls: The insurance program looks for specific security controls, such as automated patch management and multi-factor authentication.
5. Success Stories: Businesses have saved significantly on insurance costs by meeting SeedPod Cyber's criteria.
6. Founder’s Journey: Doug Kreitzberg's experience with cyber incidents led him to create an integrated insurance and security solution for SMBs.
7. Continuous Monitoring: Future plans include dynamic pricing based on real-time risk assessment.
8. Positive Pitch It Experience: The IT Nation Pitch It Accelerator Program has provided valuable insights and exposure to the MSP community.

Links from the show

• Website: https://seedpodcyber.com/

=== Show Information

• Website: https://www.itbusinesspodcast.com/
• Host: Marvin Bee
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