Exclusive: Cyber insurance startup Upfort raises $8M
Upfort, which has a cyber insurance risk platform, raised $8 million in Series A funding led by SYN Ventures, the company tells Axios exclusively.
Why it matters: Cyber insurance is the fastest-growing line of commercial insurance, but the industry still suffers from a lack of data and transparency in assessing risk.
How it works: Upfort enables insurers and brokers to assess and manage the cyber risk of their clients, while also helping those clients reduce exposure to cyberattacks.
- Once signed up, insurers, brokers, and risk advisers can also partner with the company to offer clients its proprietary tools for protecting against cyber threats.
State of play: Most cyber insurance today is underwritten through an application process in which companies share information about their existing software, data management, security procedures and breach history.
- But, according to Upfort CEO Xing Xin, "It's very hard from the outside to systematically and truly understand the exposure of a company."
Zoom out: By improving transparency between insurers, brokers and their clients, Xin believes the cyber insurance ecosystem can increase cyber resilience, while also helping to incentivize the right behaviors.
- "Ultimately, the focus is on reducing friction for a company to be able to actually take highly impactful actions that will drastically and disproportionately reduce their risk," he says.
Of note: Other investors include Eniac Ventures, Fika Ventures, Altai Ventures, Chaos Ventures, Aquila Capital Partners, Gaingels and Cyber Mentor Fund.