Cyber threat administration agency DynaRisk has introduced a $4.7m (£3.5m) funding spherical to gasoline its worldwide enlargement.
Based in 2016 by Andrew Martin, a former banking sector cybersecurity knowledgeable and self-taught hacker, DynaRisk offers insurers with the instruments and information required to supply cyber insurance coverage.
Companies have been underneath elevated menace from cyber attackers, growing demand for cyber insurance coverage and digital threat administration.
Recognising this, the London-based group is seeking to develop its operations throughout Europe, Asia and North America.
“Brokers, MGAs and (re)insurers are speeding to faucet the quick rising cyber insurance coverage market as cyber threat is now one of the urgent challenges for customers and SMEs globally,” stated Martin.
“Whereas working with world banks, I noticed how bigger firms have been utilizing costly and complicated enterprise-level software program and companies and wished to place these within the fingers of extra folks.
“DynaRisk bridges that hole for the insurance coverage sector, serving to them shield their policyholders with industry-leading menace intelligence backed threat administration and underwriting software program, together with cyber incident response companies.”
The funding spherical was led by YFM Fairness Companions.
“DynaRisk has constructed spectacular platforms and a consumer base in one of many fastest-growing segments of the insurance coverage market,” stated Matt Gordon-Smith, funding director at YFM Fairness Companions.
“With cyber threats escalating and insurers and brokers underneath stress so as to add extra worth to their policyholders, DynaRisk’s embedded intelligence platforms and companies are ideally positioned.”
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