Sayata Labs, a cybersecurity and cyber insurance platform for SMBs, has secured $6.5m in its seed round of funding and emerged from stealth.
Israel-based early-stage venture capital firm Elron led the round, which will be used to accelerate the company’s global operations in the cyber insurance space. The InsurTech already has a partnership with AXA to enhance the insurer’s capabilities in the cyber risk space.
Sayata Labs is an enterprise-grade cyber risk assessment solution for the cyber insurance industry which is focused on SMBs. Through AI-powered algorithms and access to data from cyber breaches, the company gives the insurers better insights on how to quickly and accurately assess cyber risk, and how to lower vulnerabilities.
By analysing these sources, data-driven insights can be specifically related to cyber losses and the quick scan helps to ascertain the cyberthreat posed. By leveraging this technology, an insurer can minimise their underwriting risk by improving risk selection and better pricing premiums.
Elron VP of cyber investments Zohar Rozenberg said, “We view Sayata’s technology as a real game changer for cyber insurers underwriting SMBs.”
“Currently, insurers are underwriting these policies with little visibility or insight into the risk. Sayata is changing this reality by simultaneously raising the overall cyber security standard for SMBs and insurers by providing both parties with a far greater understanding of cyber security posture. This enables both insurers and insureds to significantly reduce their risk. As a cyber security focused investor, Sayata is the best solution we have seen for the fast-growing cyber insurance industry.”
Earlier in the month, end-to-end cybersecurity solution Zeguro released its cyber insurance in all 50 US states. Its product gives US consumers access to insurance policies tailored to their size, sector and scale, but also monitors the company’s network for digital threats and vulnerabilities.
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