SYDNEY, NSW – Cyber Threat Insure, an Australian cyber liability insurance broker, today announced the launch of its innovative MSP-focused distribution model, naming IT First Responder as its first Managed Service Provider (MSP) partner.
Cyber Threat Insure addresses a critical market gap, empowering MSPs to offer tailored cyber liability insurance to their clients without assuming advisory liabilities.
This strategic partnership comes at a crucial time for Australian SMBs. According to the Office of the Australian Information Commissioner (OAIC), data breaches in the first half of 2024 peaked at the highest rate since late 2020, with malicious attacks accounting for 67% of notifications. Despite increasing threats, only about 20% of Australian SMBs currently maintain standalone cyber insurance coverage.
Overcoming MSP hesitation on cyber insurance
Traditionally, MSPs have faced significant barriers to recommending cyber insurance. Complex application forms, outdated terminology, and the risk of taking on unintended advisory liabilities have led many MSPs to distance themselves from cyber insurance altogether.
“One of the biggest challenges we consistently face was helping clients navigate complex and outdated cyber insurance forms that didn’t align with modern security practices,” said Olga Burtseva, General Manager of IT First Responder. “Clients often misunderstood the relationship between cybersecurity controls and insurance requirements, creating friction and inaccuracies.”
As the inaugural partner for Cyber Threat Insure, IT First Responder brings proven expertise in proactive cybersecurity for SMBs across Australia and New Zealand.
“Technical measures alone aren’t enough to safeguard a business,” Burtseva added. “With Cyber Threat Insure, we can offer clients a true last line of defence—financial protection that complements our cybersecurity services, without exposing us to advisory risk.”
This landmark collaboration establishes a new standard in cybersecurity and cyber liability protection for SMBs in Australia and New Zealand.
Bridging technical expertise with financial protection
Cyber Threat Insure was founded by MSP veteran Daniel Boufarhat and insurance expert Kristopher Mudd to solve a persistent industry problem: the disconnect between MSPs’ cybersecurity expertise and insurers’ underwriting criteria.
“The current model for cyber insurance distribution is fundamentally broken,” said Kristopher Mudd, Chief Insurance Officer for Cyber Threat Insure. “MSPs understand their clients’ technical vulnerabilities but aren’t insurance experts, while insurance brokers understand policies but lack technical expertise. Cyber Threat Insure bridges this gap by enabling MSPs to facilitate proper coverage without assuming advisory risks. We’ve simplified everything—from the application process to claims handling—ensuring technical controls align perfectly with insurance underwriting requirements.”
Cyber Threat Insure’s solutions offer several key benefits:
- Purpose-Built Policies: Specifically designed for MSP-managed IT environments, aligning directly with existing cybersecurity stacks.
- Streamlined Claims Handling: MSPs are pre-authorised to coordinate directly with underwriters and incident response teams, significantly improving response speed during cyber incidents.
- Clear, Jargon-Free Coverage: Plain-English policy documents clearly outline coverage, eliminating confusion for business owners.
Comprehensive protection for SMBs
Cyber Threat Insure’s cyber liability solutions provide SMBs comprehensive protection, and can include:
- Rapid Incident Response: 24/7 professional breach response, including forensic investigations and legal assistance.
- Regulatory Compliance Coverage: Support for privacy breach notifications and insurable regulatory fees.
- Ransomware & Extortion Coverage: Financial support and negotiation assistance for ransomware incidents.
- Business Interruption Protection: Coverage for income loss and data restoration expenses as a result of cyber incidents.
About Cyber Threat Insure
Cyber Threat Insure is an Australian broker of cyber liability insurance tailored for the clients of Managed Service Providers (MSPs). Founded by an MSP owner and an insurance expert, Cyber Threat Insure aligns cybersecurity controls with insurance protection. Policies integrate into existing frameworks, with the ability to cover core risks like ransomware, phishing, and data breaches, amongst others. We help businesses recover while enabling MSPs to enhance security strategies, manage compliance risks, and deliver secure solutions so MSPs can strengthen client protection without taking on insurance advisory liabilities. For more information, visit cyberthreatinsure.com
About IT First Responder
IT First Responder is a Sydney-based cybersecurity and IT services firm dedicated to protecting businesses from tech disasters. With expertise in incident response, co-managed IT services, and business automation solutions tailored for SMBs, IT First Responder is committed to reducing risk and ensuring peace of mind through robust security frameworks like CERT NZ’s Top 10 Critical Controls and ASD’s Essential 8. For more information, visit itfirstresponder.com
Press contacts
For media inquiries or specific brand assets, please get in touch with:
| Azryl Ali Chief Marketing Officer Cyber Threat Insure azz@cyberthreatinsure.com |
Olga Burtseva |