Axio Global, which develops solutions to help enterprises bolster their financial cybersecurity, has scored funding from NFP Ventures.
The firm’s investment, which was for a minority stake, will help it to deepen the cyber-risk portfolio for its parent company NFP, an insurance broker and consultant.
It also gives the broker the ability to offer a complete cyber-risk management solution which complements existing insurance market intelligence, cyber brokerage and claims capabilities, the company said.
Founded in 2013, Axio is a SaaS-based cyber risk assessment platform which integrates cyber maturity insights with risk qualification and a diagnosis of financial and insurance coverage strength. This is then put through risk analysis framework to identify and manage and cyber weaknesses.
The company claims to be the only ‘true cyber resilience optimization solution looks at IT security and financial controls/insurance to create an integrated, holistic technology and financial risk solution that can evolve with each client as the risk landscape shifts.’
Its cyber risk management solution gives organisations the capabilities to create and improvement plan based on analysis on the maturity of its cybersecurity. It’s technology also delivers insights on to cyber risk and how it will impact the balance sheets.
NFP Ventures managing director Shawn Ellis said, “Nearly every business is susceptible to some form of a cyberattack. While breaches are inevitable, we believe that taking a broad-based, comprehensive approach to cyber-security will mitigate risks and ensure clients and prospects are well-positioned to deal with emerging cyber threats.
“Our investment in Axio reflects a common goal: advancing the management of cyber risk to prevent business interruption, manage losses and protect the operational well-being of our clients’ organizations.”
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