MOUNTAIN VIEW — At-Bay, a cyber insurance company, has scored a $13 million Series A funding round co-led by Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed, and Shlomo Kramer. This brings the company’s total funding to $19 million.
Shlomo Kramer, former founder of Check Point and Imperva, as well as CEO of Cato Networks, will join the board.
This new round of financing allows At-Bay to accelerate development of its proactive cyber security monitoring service and roll out its insurance products.
“Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk. At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers which unlocks superior pricing and coverage options for them,” said Keith Rabois, general investment partner at Khosla Ventures.
Cyber risk is always evolving and is at odds with the traditional insurance model. The At-Bay cyber security research and modelling approach predicts future risks based on emerging threats. Scans for new vulnerabilities enable At-Bay’s customers to close security holes quickly and avoid loss. At-Bay partners with sophisticated brokers to deliver security and financial exposure insights to their customers and design a proactive, comprehensive risk management program.
At-Bay’s policies are backed by the Hartford Steam Boiler Inspection and Insurance Company (HSB), a part of insurance giant Munich Re.
At-Bay’s Security Score and Data Breach Cost Calculator, available now, are two new important features in their portfolio of risk assessment products that set them apart:
- The Security Score gives customers tools to automatically scan their technology, benchmark their security, and understand their top vulnerabilities.
- The Data Breach Cost Calculator allows risk managers to model loss scenarios and understand potential financial exposure.
“Insurance has a key role to play in managing cyber risk, which requires a shift from traditional snapshot underwriting to a year-round risk management partnership. Leveraging the deep security expertise of our team, we deliver risk insights and control services to our customers throughout the year,” explained Rotem Iram, CEO and Founder, At-Bay.
This proactive approach provides a better view of future risks than the traditional modeling methods used by insurers, which are more reactive in nature. At-Bay also uses the data produced by its algorithms to help businesses identify ways of improving their cybersecurity, therefore lowering their risk and costs.