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Ballistic Ventures Raises $360 Million to Fuel Cybersecurity Innovation: What It Could Mean for Cyber Insurance Coverage

Posted on March 15, 2024March 15, 2024 By Martin Hinton

Ballistic Ventures has closed its second fund, gathering $360 million to fuel innovations in the cybersecurity arena. This development marks a significant milestone in the firm’s commitment to fostering the next generation of cybersecurity solutions. With the sector’s total addressable market projected to swell to between $1.5 trillion and $2 trillion, Ballistic Ventures aims to be at the forefront of investment and innovation. 

What That Means In Cyber Insurance

Firms with weak cybersecurity face hurdles in getting cyber insurance. Insurers see them as high-risk, possibly leading to denied coverage or high premiums. This issue is stark for businesses most at risk of cyberattacks, highlighting the growing importance of cybersecurity providers in improving companies’ security postures to make them more attractive to insurers.

The Move Into A Digital Future

A Hiscox survey reveals that 53% of US small businesses have either a standalone cyber insurance policy or coverage included in another policy. However, this leaves 47% without cyber insurance, raising concerns about their vulnerability. The lack of coverage among nearly half of small businesses indicates a need for more accessible cybersecurity and insurance solutions tailored to their needs.

Ballistic Ventures

Ballistic Ventures’ Founding Partners, Kevin Mandia, Barmak Meftah, Ted Schlein, Jake Seid, and Roger Thornton, bring a wealth of experience. They have been involved in over 100 cybersecurity companies, providing support and insight to startups.

Since its inception two years ago with a $300 million initial fund, Ballistic has invested in 18 companies tackling a wide array of cyber threats. These investments range from enhancing AI security to fighting disinformation and securing everything from data and identities to SaaS services. The firm’s strategic moves have already seen success, notably with the acquisition of Talon Cyber Security by Palo Alto Networks, marking a significant exit within Ballistic’s portfolio.

General Partner Ted Schlein emphasized the importance of robust cybersecurity measures in today’s rapidly changing world. “With the pace of technological evolution and the geopolitical dynamics of an election year, the need for strong cybersecurity has never been clearer. We’re on a mission to meet this challenge head-on,” Schlein said. “This new fund enables us to deepen our commitment to this mission, and we’re eager to partner with entrepreneurs who are as passionate about making a difference in cybersecurity as we are.”

Ballistic Ventures’ latest fund signifies an investment in cybersecurity startups and a strategic effort to address the increasingly complex cyber threats facing companies.

Source: Ballistic Ventures Closes $360 Million Oversubscribed Fund II to Fuel the Next Generation of Cybersecurity Innovation.

Other News: Eye Security Locks in €36 Million to Bolster Cybersecurity Solutions for European Mid-Market(Opens in a new browser tab).

Cybersecurity Investment Tags:Ballistic Ventures, cyber insurance, Cyber liability Insruance, Cybersecurity, cybersecurity investment

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In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

🛡️ With a background in enterprise-level cybersecurity on Wall Street and a personal connection to small business through his family, Dan shares why Cork focuses on protecting small and mid-sized businesses from rising cyber threats.

🚨 "The threat actors are getting better, and they're coming after Main Street more and more."

👉 Discover why Main Street is being underserved in today's digital threat landscape and how Cork is filling that gap with a unique value proposition.

🔗 Learn more about Cork: corkinc.com
🎧 Full Podcast Episode: www.youtube.com/@CyberInsuranceNews/podcasts

📣 Don't forget to LIKE, SUBSCRIBE, and hit the 🔔 notification bell so you never miss a powerful conversation.

#Cybersecurity #SmallBusiness #MainStreet #DanCandee #CorkProtection #TechForGood #SMBs #PodcastClip #CyberThreats #BusinessSecurity
Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

We explore:
• Why Main Street is more vulnerable than Wall Street
• Common SMB cybersecurity blind spots (like ACH fraud)
• The evolving role of managed service providers
• How Cork Protection blends cybersecurity and cyber insurance
• Real-world attack case studies and practical advice for SMBs

Whether you’re a small business owner, MSP, or cyber pro, this episode unpacks how to prepare, prevent, and protect your organization in today’s digital world.

📌 Topics: cybersecurity, cyber insurance, social engineering, SMB protection, ransomware, AI in security, MSPs

🎙 Guest: Dan Candee, CEO of Cork Protection
📢 Host: Martin Hinton, Executive Editor, Cyber Insurance News

👉 Don’t forget to like, comment, and subscribe for more insights on cyber insurance and digital defense!

#CyberSecurity #CyberInsurance #SMB #AI #CyberPodcast #BusinessResilience #smallbusiness #sme
00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
Cyberattack on Small Business is on the rise—and AI is making it worse. In this episode of the Cyber Insurance News Podcast, host Martin Hinton sits down with William Altman of CyberCube to unpack how AI is enabling threat actors to more efficiently target and exploit small businesses.

🔐 From credential stuffing to brute force attacks, William explains how cybercriminals use AI to bypass login portals and MFA solutions—putting millions of small business owners at risk.

🎙️ Timestamps:
0:00 - Introduction
6:26 - William Altman on AI and threat actors
6:50 - Credential stuffing, brute force & reused credentials
10:00 - What small businesses can do right now
14:20 - The future of AI in cybercrime

🎧 Don’t miss this crucial update on the cybersecurity landscape for small businesses. Subscribe and stay informed.

#cyberattack #smallbusiness #AI #cybersecurity #CyberCube
Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
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