Elpha Secure

Elpha Secure is a managing general agent providing cyber security software integrated with cyber insurance coverage for small and medium-sized enterprises to protect against cybercrimes targeted at businesses.

Elpha Secure also provides tailored cyber insurance coverage, which is backed by an AM Best A-rated carrier. Elpha Secure undergoes a streamlined AI-powered underwriting process to deliver cyber insurance quotes. The company covers the impacts of cyberattacks such as ransomware, extortion loss, data restoration, cyber crime, hardware replacement, network security and privacy liability, and business interruption. Elpha Secure offers its software and cyber insurance coverage under a SaaS subscription model for up to USD 1,000 per year. The company offers insurance with maximum coverage of USD 3 million to companies. Elpha Secure determines an organization’s external security posture and delivers a risk scorecard along with the cyber insurance quote. The company partners with select brokers to deliver its product.

Elpha Secure’s ML-based software features data backup, virtual private network, software version management, secure multi-factor authentication for remote access, 24/7 security operations center, endpoint detection and response, and real-time threat monitoring.

Elpha Secure operates in all 50 US states, and it is backed by Axis Surplus Insurance Company and Everest Re Group.

Funding and financials

In October 2022, the company raised USD 20 million in Series A funding led by Canapi Ventures. The company utilized the funds for its business growth through its broker network and enhanced its product features such as improved cyber defense systems and enhanced end-to-end protection and response measures.