MOUNTAIN VIEW — At-Bay, a company specializing in cyber risk insurance, has emerged from stealth and raised $6 million in seed funding. The company is backed by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re.
LightSpeed Venture Partners led the $6 million seed round, with the participation of Shlomo Kramer and LocalGlobe.
Cyber risk is a growing concern for organizations, increasing in size and complexity. In a fast-moving risk environment, the insurance policy is just the start. At-Bay is dedicated to actively monitoring client risk year-round and working with them to control it. Together with its cyber insurance policy and risk insights, At-Bay allows clients and brokers to better manage and control cyber risk.
“We founded At-Bay with the belief that controlling for cyber risk enables businesses to embrace technology and unlock great value to customers,” said Rotem Iram, CEO and Founder, At-Bay. “We match deep insights on a company’s IT security with financial exposure that cyber attack vectors create, to enable insurance brokers and risk managers to more clearly and accurately assess and manage cyber risk. Our insurance products and supporting risk management services provide organizations with the confidence that they can take on the challenges of tomorrow.”
At-Bay has partnered with HSB to bring to market a product to insure and defend organizations against cyber risks.
“We are very excited about working with At-Bay and continue to be impressed by the technology and expertise they bring to customers,” said Dave Mercier, senior vice president for HSB. “At-Bay’s data and knowledge-driven business model aligns with HSB’s own system of managing and underwriting cyber risk. Their offering truly leverages the strengths of both companies.”
At-Bay believes historical data has limited ability to predict future risk, because technology and attackers change too quickly. Instead, At-Bay leverages its deep data collection, discovery and enrichment technology to enable security experts to augment the model with heuristics on expected future risk. Risk insights are pushed into decision making in hours, so that prospective and existing portfolio companies receive an updated and future looking assessment of risk. For brokers, At-Bay offers one intuitive, digital platform which combines its insurance product with risk insights that help brokers foster a more insightful conversation with their clients, including security and financial exposure, case studies and benchmark data. Fast, digital and collaborative applications make for a low-friction sales process.