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        DynaRisk, a UK-based cyber risk management startup, has raised over USD 7 million in a seed funding round.
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        The funds will be utilized to develop new products to widen business reach, meet the growing demand for its existing products, and expand geographically.
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    <a href="https://www.prnewswire.com/news-releases/dynarisk-successfully-closes-seed-round-to-meet-rapidly-increasing-market-demand-for-risk-management-tools-data-and-insights-to-streamline-cyber-insurance-sales-and-improve-loss-ratios-301558833.html">
      Company press release
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    <a href="https://www.finsmes.com/2022/06/dynarisk-raises-over-7m-in-seed-funding.html">
      FinSMEs
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Cyber Insurance

DynaRisk raises over USD 7 million in seed funding

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 <p>Bitsight, a company specialized in cyber risk exposure data, has purchased Cybersixgill, a cyber threat intelligence vendor based in Tel Aviv, for a sum of USD 115 million. The aim of this acquisition is to offer customers more in-depth insights about vulnerabilities and threats present in the cyber world.</p>
 <p>Bitsight is planning to merge Cybersixgill's automated threat intelligence platform with its own cyber-risk exposure data in order to form a more comprehensive solution. The newly formed platform would allow organizations to keep a close eye on the activities in dark web forums and to consolidate their cybersecurity tools. This further helps in reducing the number of vendors for CISOs.</p>
 <p>Cybersixgill, established in the year 2014, is a threat intelligence platform that utilizes advanced automation and AI-driven features to collect data on a large scale, eliminating the need for human intervention. The company has managed to raise an outside funding of USD 56 million. Sharon Wagner, the ex-CEO of Cloudyn, is the current leader of the company.</p>
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Bitsight acquires Cybersixgill for USD 115 million to enhance threat intelligence capabilities

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 <p>Bitsight, a business in cyber risk management, has purchased Cybersixgill, a company that provides cyber threat intelligence data, costing around USD 115 million.</p>
 <p>The purpose of the acquisition is to merge the threat intelligence features that Cybersixgill has into Bitsight's own External Attack Surface Management and Continuous Third Party Monitoring services. Bitsight also has plans to benefit from Cybersixgill's GenAI models by applying them to its cyber security data exposure which will allow the offering of improved threat hunting, adversary intelligence, and vulnerability intelligence services.</p>
 <p>Cybersixgill specializes in extracting real-time data from various sources such as deep and dark web forums, messaging groups, code repositories, etc. They apply their GenAI feature through the Cybersixgill IQ product to translate data on threat intelligence into insights and analysis that are easy to understand.</p>
 
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Bitsight acquires Cybersixgill for USD 115 million to enhance cyber threat intelligence

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<p>Parametrix, a company that offers cyber insurance for cloud downtime, has launched Parametrix Enterprise Solutions. This new service provides coverage for costs resulting from digital interruptions, with limits ranging from USD 10 million to USD 50 million.</p>

<p>This insurance covers both internal and external system interruptions and can be tailored according to the client’s needs. It can function as a separate policy or be added to existing cyber policies. Key features include fast payouts and coverage for a wide variety of systems, including cloud services, payment gateways, and customer management systems. </p>

<p>The company claims that Parametrix Enterprise Solutions offer distinct benefits for both clients and brokers. For clients, the coverage is customized to fit their unique risk profile, while brokers are offered a specialized solution that helps them stand out. The product also aids companies in improving customer service, providing financial relief, and reducing funding costs.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> This launch follows CrowdStrike's recent faulty update, which <a href="https:<br>
//sp-edge.com/insights/32017"> crashed millions of Windows systems globally </a> , costing Fortune 500 companies an estimated USD 5.4 billion. We expect strong interest in this solution, as it not only helps companies manage unexpected downtime costs but also offers customizable coverage tailored to each client’s risk profile.</p>

Parametrix unveils new cyber insurance solution for digital interruption

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 <p>AXA XL has expanded its cyber insurance policy to include specific General AI (GenAI) risks. This additional coverage is introduced in the wake of businesses increasingly developing their own GenAI models.</p> 
 <p>The new coverage is aimed at specific GenAI risks such as data poisoning, rights of usage infringement, and breaches of regulation. </p> 
 <p>According to AXA XL, this new coverage extension meets a market requirement and provides companies the confidence to use GenAI without apprehension about potential risks and extra expenses that could hinder their development.</p>
 
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AXA XL introduces new coverage for GenAI risks in cyber insurance

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 <p>Concierge Cyber, part of the cybersecurity insurance industry, has launched new Director and Officer (D&amp;O) insurance companion offerings aimed at tackling cyber threats. However, there is no pricing detail available for these services yet.</p>
 <p>The D&amp;O insurance companion offerings are developed with the aim of enabling organizations to effectively handle cyber risks. Although specific details were not given in the source, it is likely that these plans may include elements like risk analysis, incident response planning, and cybersecurity training for directors and officers.</p>
 <p>The company expects that these new offerings will aid organizations in more securely guarding their leadership from cyber-related risks and liabilities. The aim appears to be to give executives and board members a more holistic approach to managing the threat of cybersecurity.</p>
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Concierge Cyber launches D&O insurance companion offerings

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 <p>DeNexus, a cyber risk modelling solutions provider, has successfully raised USD 17.5 million in a Series A funding round. The funding was led by Punja Global Ventures and saw participation from AXA XL, Prosegur/SegTech, and HCS Capital. The raised funds will be utilized to facilitate growth, extend product offerings and markets, and improve the go-to-market team at DeNexus.</p>
 <p>Currently, DeNexus' solutions are implemented at over 200 distinctive locations across the United States, United Kingdom, and Europe. This includes a data centre hyperscaler and a global manufacturer. The company has also secured contracts to serve one of the world's largest airport owners and operators.</p>
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DeNexus raises USD 17.5 million in Series A funding to boost growth

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 <p>A cyber insurance startup company named Stoïk has secured a Series B funding totaling EUR 25 million (approximately USD 27 million), led by Alven. Other participants in the round include Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, Anthemis, and the new investor, Tokio Marine HCC International.</p>
 <p>The acquired funding will be utilized to augment operations including a strategic plan to penetrate a new European market every year, measures for which will commence either by late 2024 or in early 2025. The company is also targeting to escalate its policyholder base to reach the mark of 5,000 by 2024.</p>
 <p>Presently operative in France, Germany, and Austria, Stoïk provides cyber insurance solutions tailored for small- and medium-sized businesses that record an annual turnover of up to EUR 750 million (nearly USD 815 million). The coverage limits put forth by the company amount to EUR 7.5 million (around USD 8.1 million). To distribute its products, Stoïk is in collaboration with 1,000 insurance brokers.</p>
 
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Stoïk raises EUR 25 million in Series B funding to expand cyber insurance

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 <p>Open XDR security solutions provider, Stellar Cyber, has launched a cyber insurance program called RiskShield. Developed in association with Converge Insurance, the program is targeted at Managed Security Service Providers (MSSPs) and their clients. The program is meant to offer bespoke cyber insurance coverage to MSSPs utilizing Stellar Cyber's Open XDR platform.</p>
 <p>Key features of RiskShield include the Stellar Cyber Coverage Analyzer. This tool uses the MITRE ATT&amp;CK framework to examine a client's security stance. Other parameters considered for insurance eligibility and pricing include data from security tools such as Endpoint Detection and Response, Multi-Factor Authentication, and Firewalls.</p>
 <p>Stellar Cyber assures that RiskShield offers exclusive cyber insurance rates, strengthens MSSPs' market standing, affords comprehensive security coverage reports, and accelerates the insurance process. The company believes that the program will help MSSPs stand out in the cybersecurity market and infuse added value to their service offerings.</p>
 
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Stellar Cyber launches RiskShield cyber insurance program for MSSPs

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 <p>Cowbell, a managing cyber general agent (MGA), has broadened its cyber liability insurance coverage. It will now cater to businesses that have an annual income of up to USD 1 billion. This is an increase from its prior top limit of USD 250 million in the US.</p>
 <p>For its Prime 250 cyber and Prime Tech E&amp;O products, Cowbell will provide USD 5 million in principal and surplus limits. The coverage includes multiple cybersecurity and training services.</p>
 <p>With this expansion, Cowbell can target larger firms with its cyber insurance products. Earlier this year, it also widened its offerings in the UK to businesses generating up to GBP 1 billion in revenue.</p>
 
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Cowbell expands cyber liability insurance coverage for larger companies

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 <p>Vouch, a business insurance provider, and Vanta, a trust management platform, are collaborating to provide cyber insurance solutions directly within the Vanta platform.</p>
 <p>The integration aims to make compliance simpler and faster for startups by providing instant access to cyber insurance, bypassing the need for manual procedures and potential compliance delays. This move is geared towards addressing companies' issues in securing cyber insurance and fitting with Vanta's aim of simplifying the SOC 2 process and Vouch's approach of delivering instantly available insurance coverage.</p>
 
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All Updates

DynaRisk raises over USD 7 million in seed funding

Bitsight acquires Cybersixgill for USD 115 million to enhance threat intelligence capabilities

Bitsight acquires Cybersixgill for USD 115 million to enhance cyber threat intelligence

Parametrix unveils new cyber insurance solution for digital interruption

AXA XL introduces new coverage for GenAI risks in cyber insurance

Concierge Cyber launches D&O insurance companion offerings

DeNexus raises USD 17.5 million in Series A funding to boost growth

Stoïk raises EUR 25 million in Series B funding to expand cyber insurance

Stellar Cyber launches RiskShield cyber insurance program for MSSPs

Cowbell expands cyber liability insurance coverage for larger companies

Vouch and Vanta partner to offer embedded cyber insurance on Vanta platform

Cyber Insurance

DynaRisk raises over USD 7 million in seed funding

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