Edouard von Herberstein, CEO of Spectra, provider of next generation cyber insurance.
Edouard discussed the challenges faced by insurers in the cyber insurance market, particularly due to the inadequate cybersecurity management by SMEs, which results in higher claims. He proposed a partnership model where insurers collaborate with Managed Service Providers (MSPs) to utilize their expertise and customer trust, cautioning against insurers attempting to independently provide managed security services due to the complexities involved. Additionally, he introduced innovative warranty solutions for MSPs, emphasizing that their parametric warranty refunds the contract value if a service fails during a ransomware incident, rather than functioning as traditional insurance. This model, supported by a certification process, has significantly improved customer retention, with 90% of clients choosing warranted solutions. He also highlighted the partnership with Ingram Tools as a vital distribution channel for these offerings.
