Cyber Insurance Investments and M&A

SecondSight Exits Stealth Mode with $3 million Seed Round; Applies AI to Digital Risk Analysis for Cyber Insurance

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The Indiana-based company reports a number of successful deployments, including one which allowed a non-profit to hold onto its cyber coverage after suffering two breaches before it retained SecondSight. “SecondSight’s platform autonomously discovers, classifies and analyses an organisation’s entire landscape of digital assets, the unique risk profile for each digital asset across thousands of different … Read more

Elpha Secure Raises $20 Million Series A 

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Fintech VC Canapi Ventures led the round in Elpha, which claims to be the first cyber insurance startup “to combine proprietary cybersecurity software with coverage to improve risk transfer.” Fused cybersecurity/insurance platforms continue to appear, but Elpha is apparently differentiated enough for its well-known pre-A investors to join the round. According to the company, they’re: … Read more

“Silent Risk” Holding Back ILS Market for Cyber 

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“Around 90% of ILS fund managers are concerned about the potential for silent cyber exposure within their funds, said S&P, quoting PCS, a Verisk business and provider of catastrophe data. ‘Since silent cyber claims can have a detrimental impact on other insurance lines of business, ILS funds with exposure to operational or property risk already … Read more

Coalition Buys Prop/Casualty Insurer from Munich Re 

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“The result: Coalition gains a property and casualty insurer licensed in all 50 states. Financial terms of the deal were not disclosed… Shawn Ram, head of Insurance for Coalition, described the advantages to the acquisition of Digital Affect: ‘This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering … Read more

Will Recession Drive Greater Demand for Cyber Insurance? Coalition Thinks So

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“’Unfortunately, the adversarial community, the hacking community, they don’t care,’ (Coalition Head of Insurance Shawn Ram) added. ‘Companies may elect to provide less resources toward cyber-related security and controls. The opportunity for adversaries to take advantage of that increases, so what we have seen is an increased demand and increased desire for cybersecurity.’” Some investors … Read more

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