Cypherleak, a trailblazing cyber risk monitoring and scoring startup, has garnered an impressive $750,000 seed round. The financial backing came from prominent investors based in Abu Dhabi, Morocco, and Qatar.
The seed round, which saw participation from entities such as Maroc Numeric Fund II and Qatar Insurance Company, is set to fuel Cypherleak’s ambitious expansion plans across the Middle East and Africa.
Diving deeper into the company’s offerings, Cypherleak stands out for its expertise in demystifying complex risk monitoring for smaller enterprises. This mitigates the requirement for profound cybersecurity technical knowledge. Remarkably, by merely utilising a domain name, companies can monitor leaked passwords and data across the Public web and Dark web. Cypherleak’s service encompasses the identification of an entire attack surface and highlights vulnerabilities within a company’s infrastructure. Additionally, the startup incorporates Machine Learning and refined risk models to present customised security scores, echoing distinct cyber risk elements suited for every client.
Since its inception in April 2022, Cypherleak has solidified its stance as an essential figure in the cybersecurity landscape. It boasts over 1000 corporate subscribers from Europe to the MENA region, concentrating on SMEs that traditionally find enterprise-level cybersecurity products prohibitively expensive.
Cypherleak CEO Mohamed Amine Belarbi commented, “The funding injection will enable us to accelerate our expansion across the Middle East and Africa, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings. With the backing of these strategic investors, Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organisations across the region and the world.”
Notably, a significant application of Cypherleak’s groundbreaking technology lies in cyber insurance underwriting. Their risk assessment tool aids insurers in appraising the cyber threat linked with prospective insurance candidates, thereby transforming cyber insurance practices in the MENA region. Further attesting to its prowess in the insurance realm, Cypherleak was crowned the winner of the MENA Insurtech Summit 2023 in Doha, Qatar.
Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), observed, “Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable. Cyber insurance for SMEs is already needed and is poised to grow in the months to come. Cypherleak has demonstrated its ability to understand these new challenges. QIC Digital Venture Partners is thrilled to invest and leverage Cypherleak’s cyber security capabilities to empower its cyber insurance practice.”
Highlighting the company’s global presence, while its holding company is situated in Delaware, Cypherleak’s Middle East office finds its home at Hub71, Abu Dhabi’s thriving tech ecosystem. The company is also on track to inaugurate an African regional office in Morocco.
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