5 min read
According to the latest data, the cyber insurance market is expected to grow from US$14.18 billion in 2023 to $32.52 billion by 2028, at a CAGR of 18.06% during the forecast period (2023-2028).
With digital transformation still well underway, and new regulations that are holding companies to account for their security measures both in the US Security and Exchange Commission (SEC) and Europe’s (DORA) the Digital Operational Resilience Act, companies need to make sure their cyber insurance providers are fully engaged with the requirements.
Cyber insurance is a hot topic, and is one sector that is scaling at an increasingly fast pace. Insurtech Insights takes a closer look at the newcomers shaping the industry.
1: BOXX
Launched: 2018
CEO: Vishal Kundi
Headquarters: San Francisco
BOXX’s mission is to make the world a digitally safer place and focuses on improving the digital health of businesses, families and individuals around the world who rely on the company’s solutions and services to predict, prevent and insure them against cyber threats. In support of this goal BOXX is proud to work with Government entities, Tech communities, and organisations such as The World Economic Forum and IBAO who share the same objective in making the world digitally safer.
BOXX combines cutting-edge tech with proven experience in mitigating risk through BOXX’s Hackbusters incident response team. The Insurtech continues to innovate through its solutions including embedding virtual CISO services within its products to help clients develop and implement comprehensive security planning. Through its latest offering – Cyberboxx Assist – BOXX provides protection for clients against the rising threat of cyberattacks with its unique combination of cyber protection, prevent and recovery solutions for clients for whom insurance isn’t an option.
With headquarters in Toronto, Canada, the insurtech has a global presence with offices in Miami, Zurich, Dubai and Mumbai.
2: Cowbell
Launched: 2019
CEO: Jack Kudale
Headquarters: Pleasanton, California
Cowbell offers bespoke insurance solutions for SMEs, by harnessing technology and data to provide small to medium-sized businesses with ‘advanced warning of cyber risk exposures.’ They also offer customised coverage and pride themselves of being adaptive to current and future cyber risks and threats.
Cowbell also pioneered the first continuous underwriting platform for cyber insurance giving real time data for the underwriting process, its first big exposure to the marketplace. The insurtech’s strong and adaptive tools and solutions are built on an AI-powered platform created to mitigate risk by increasing a businesses’ insurability and provide up-to-the-second insights to risk exposure.
3: At-Bay
Launched: 2016
CEO: Rotem Iram
Headquarters: San Francisco
Headquartered in San Francisco, At-Bay was one of the first insurtechs to tackle the growing cyber threats that have since mushroomed since digital transformation took off in 2020, and its Broker Platform enables brokers to receive quotes almost instantly for businesses with up to $100 million in revenue and up to $3 million in limits. The insurtech’s Surplus Cyber product offers coverage for businesses with up to US$2 billion in revenue and up to $5 million in limits on both a primary and excess basis for most classes of business.
Founded in 2016 by Etai Hochman, Rotem Iram, and Roman Itskovich, At-Bay’s core aim is to empower businesses to thrive in the digital world. As well as cyber insurance, At-Bay offers Technology Errors & Omissions insurance policies that are specially designed to address the key risks that technology companies face in the market. It also offers MPL policies.
4: Cybercube
Launched: 2018
CEO: Pascal Millaire
Headquarters: San Francisco
CyberCube’s analytics platform provides a cutting-edge ecosystem of data, signals and models to fuel cyber risk quantification for the industry. It offers end-to-end solutions for the insurance sector built on the state of the art cloud-native technology platform, unlocking artificial intelligence and advanced analytics. CyberCube also enables (re)insurance placement, underwriting decisions, and portfolio management optimisation – all powered by a state-of-the-art cloud-based technology framework.
Founded on the heels of Symantec, a global leading cyber company, CyberCube has robust financial backing and governance from cybersecurity and insurtech specialist investors and is positioned to build the leading platform for powering profitable cyber insurance growth.
5: Coalition
Launched: 2017
CEO: Joshua Motta
Headquarters: San Francisco
Coalition is the first insurance-enabled technology firm built to help businesses before, during and after a cyber incident. It combines comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. The insurtech is a Managing General Agent (MGA) of Swiss Re Corporate Solutions, Arch Insurance North America, Zurich North America, and Ascot Group, and a coverholder of Lloyd’s of London.
In September 2022, the company extended its reach to the UK, and began offering comprehensive cyber solutions to British SMEs and SMBs. Earlier this year, Coalition also launched Coalition Insurance Co., which began issuing policies in March 2023.
To date, Coalition has a customer base of over 160,000, customers and nearly 700 employees.
6: Resilience
Launched: 2018
CEO: Vishaal Hariprasad
Headquarters: San Francisco
Resilience helps organisations balance risk acceptance, mitigation, and transfer so they can assess, measure and manage their risk in an integrated and efficient manner. The company provides comprehensive cyber coverage to meet customer’s specific requirements, built from advanced cyber risk quantification models and delivered with 24/7 incident management.
Resilience has a robust marketplace reputation and recently secured US$100 million in funding in its Series D round. The funding will accelerate the company’s global expansion and facilitate the adoption of its revolutionary cyber risk platform, the Resilience Solution, which was launched earlier this year.
7: Axio
Launched: 2016
CEO: Scott Kannry
Headquarters: New York
Axio was launched in 2016 by founders Scott Kannry and Dave White, who were inspired by the difficulty companies often have making decisions around cybersecurity investments. They helped develop Axio360 – a decision-making engine used for cyber risk management, that includes cybersecurity assessments, risk transfer, cyber risk certification and cyber insurance analysis.
The Axio360 technology platform is combined with its membership of the ISTARI Collective, (a curated network of cyber companies and experts aiming to create a digitally resilient future for businesses). This means it is able to offer its clients a holistic suite of capabilities and services to improve their cyber resilience.
8. Stoïk
Launched: 2021
CEO: Jules Veyrat
Headquarters: Paris
Market newcomer Stoïk is a French cyber insurtech company and is part of a cluster of insurtech startups dedicated to enhancing the accessibility of cyber insurance for small and medium-sized enterprises (SMEs). The company presents a digital ‘broker platform’ tailored for its partner brokers, aimed at streamlining the process of selling cyber insurance. Stoïk’s comprehensive approach integrates this platform with an array of risk monitoring and cybersecurity tools, including a weekly assessment of a company’s IT infrastructure and tools for promoting phishing awareness.
One of the industry’s most successful newcomers, it was founded by a collective of youthful experts in software, insurance, and cybersecurity, and announced the successful raise of US$12 million in Series A funding in June 2022.
9. Cyber Covered
Launched: 2019
CEO: Co-Founders Chris and Vincent Kenneth
Headquarters: London
UK-based Cyber Covered emerged from the collaborative efforts of two brothers hailing from London. Their primary objective was to safeguard small and medium-sized enterprises (SMEs) across the UK by offering top-tier cyber insurance, made possible through the fusion of technology and exceptional service.
The inception of Cyber Covered followed a conversation about the WannaCry ransomware attack in May 2017, during a family meal. Motivated by this discussion, the siblings explored efficient ways for businesses to swiftly and effortlessly secure insurance coverage for their data. This marked the genesis of the concept for Cyber Covered, prompting them to embark on the creation of an uncomplicated online platform tailored for providing cyber and data insurance to SMEs. Currently Cyber Covered is partnered with Hiscox, Beazley, CFC, SeedData.io and SentryBay.
10: CyRisk
Launched: 2018
CEO: Ben Goodman
Headquarters: New York
CyRisk provides cyber risk data analytics and loss control software for organisations of all sizes, making it easy for its customers to identify and quantify their cyber risks, prioritise mitigation and make insight-driven risk management decisions that reduce their cyber risk.
The insurtech is a leading player in the cyber insurance space, and recently announced its enrollment in Munich Re Specialty’s respected Reflex Cyber Risk Management programme.
Speaking about the move, CEO and Founder, Ben Goodman, said: “Our virtual advisory services will help Munich Re Specialty policyholders to overcome their challenges and strengthen their cyber resiliency across their organisations.”
Article by Joanna England
Joanna England is an award-winning journalist and the Editor-in-Chief for Insurtech Insights. She has worked for 25 years in both the consumer and business space, and also spent 15 years in the Middle East, on national newspapers as well as leading events and lifestyle publications. Prior to Insurtech Insights, Joanna was the Editor-in-Chief for Fintech Magazine and Insurtech Digital. She was also listed by MPVR as one of the Top 30 journalist in Fintech and Insurtech in 2023.
