Dive Brief:
- Cynomi partnered with Spectra to give partners a direct path to certifications needed for cybersecurity insurance verification, the two companies said in a Tuesday announcement. The combined service will help managed service providers demonstrate security capabilities while providing validation for potential enterprise clients.
- Cynomi’s existing platform will map Spectra’s certification criteria against its partners’ cybersecurity assessment data to accelerate the often-lengthy policy verification process. Once certified, partners can offer their clients Spectra’s performance warranty program, with up to $1 million in coverage per customer.
- “Good MSPs will benefit from this partnership in three ways,” Edouard von Herberstein, CEO and founder of Spectra, told Channel Dive. “Number one, we help them save money, because if they’re a good MSP, they get better coverage and they pay less for insurance. Number two, because they’re certified and their security solutions are warrantied, they close more business. Last, the largest insurance partners and brokers can refer their customers who need IT to our certified MSPs.”
Dive Insight:
Cynomi offers a channel-focused interface that manages cybersecurity services by automating risk assessments, compliance and client reporting. Adding Spectra’s certification services to the platform was a natural next step, according to David Primor, CEO and co-founder of Cynomi.
Primor said the integration aims to get cybersecurity tools to enterprises and small and medium-sized businesses. “The fact that Cynomi can provide insurance without having to reassess again is a great benefit,” Primor said. “Like democratizing cybersecurity for MSPs, this could democratize insurance and warranty capability in a much easier way.”
Von Herberstein added that Cynomi’s platform makes it easier to verify MSPs’ security measures and bridge the gap between cybersecurity services and insurance coverage.
“If you run a business, all the stakeholders, investors, customers, providers, and certainly insurers need to know that security is in place,” he said. “It's not just a checkbox. Having a platform like Cynomi doesn't just give you the proof, it also presents it in a structured data format.”
According to Cynomi, certified partners will be able to offer their clients preferential cyber insurance rates of up to 35%, while reducing their own errors-and-omissions costs by up to 25%.
“MSPs are always looking for additional value,” Primor said. “They want to differentiate themselves; they want to provide more value for the customers and give them a reason to stay. MSPs that provide assessments and virtual insurance and warranty are more attractive in this competitive landscape."
