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Cyber Insurance Firm FifthWall Hires MSP Expert Wes Spencer

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Wes Spencer, FifthWall
Wes Spencer, FifthWall

FifthWall Solutions, a cyber insurance wholesaler/distributor to MSPs, has hired Wes Spencer as VP and channel chief.

Spencer brings deep CISO, MSP and MSSP credentials to FifthWall. He previously co-founded Perch Security, a co-managed threat detection and response platform and SOC provider that ConnectWise acquired in 2020. Spencer also co-hosts The CyberCall -- a podcast launched by Andrew Morgan that has over 5,000 MSP weekly listeners. And he is a strategic advisor to Rewst, a robotic process automation (RPA) software startup focused on MSPs.

FifthWall Solutions is a cyber insurance distributor that has access to more than 35 carriers. The company is FifthWall Solutions is custom-building products and processes specifically with the MSP in mind. Recent FifthWall moves include a partnership with ConnectWise that's designed to help MSPs with cyber insurance-type workflows.

In a prepared statement about Spencer joining the business, Reid Wellock, president of FifthWall Solutions, said:

"Wes accelerates FifthWall Solution's ability to truly understand the MSP Channel. His knowledge of the space and deep understanding of cyber security is an invaluable asset to our team!" -- Reid Wellock, President, FifthWall Solutions.

In an email interview with ChannelE2E, Spencer described his decision to join FifthWall along with some near-term priorities.

ChannelE2E: How did you first hear about the FifthWall opportunity, and what attracted you to the position?

Spencer: I was introduced to Reid Wellock at FifthWall when talking to an MSP friend of mine, Dustin Bolander, CEO of Clear Guidance Partners. He is a board advisor and strategic consultant for FifthWall since early 2021. He was successfully navigating the cybersecurity journey with his clients, which are mainly law firms. I was intrigued about how he had standardized a process and was using it to engage his clients in risk based conversations around cybersecurity insurance. He introduced me to the team at FifthWall and I was immediately intrigued by their interest in MSPs. As we've all seen, insurance carriers are becoming hesitant to cover MSPs and there is confusion across the board in among MSP clients. FifthWall is working hard to address that challenge.

ChannelE2E: What are your first priorities with FifthWall?

Spencer: I'll first start by leading FifthWall's go to market with MSPs. We've created a strong partner program that has an education-first approach. We're working with MSPs to train them in how to engage in risk based conversations around insurance. Next, I'll be working in-depth with FifthWall and their insurance carriers to design insurance programs that are channel friendly and reward MSPs and their clients for good security hygiene. While we've seen loss ratios for cyber insurance as high as 100%, I believe we can design a better process that reduces those loss ratios and moves the entire channel forward in security maturity across the board.

Joe Panettieri

Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.