This is on the front where customers are from Saudi Arabia. Many Saudi Arabian customers are from the UK, the US, and Australia.
These companies also take their local guideline into the picture. In such a situation, one point has influenced and impacted us.
A company says, “We need Cyber Security Insurance plus Error and Omission Insurance.”
Depending upon the size of the company, deal, and proposition we’re giving, the customer says, “I need minimum insurance of this much.”
You have to get into the market and look for insurance providers to insure you. They also have their checks on what you are doing internally for cyber security.
This is well-connected, so you must comply with cybersecurity-related activities.
Venky: I’m just surprised to expect you to have cyber insurance instead of the customer already having their own cyber insurance policy.
Sangmesh: They have their cyber insurance policy, but we own SaaS products, so we must comply. If there is any gap in those compliances, they want to ensure that someone else, like an insurance company, is backing us in case of a claim of damages.
So, when this happens insurance company also tries to ensure that as a customer of the insurance company, and having our own SaaS application, we are making our internal governance and defense mechanisms strong so that there is no such claim by the customer.