It’s a fact: Businesses are looking for the best-possible ways to leverage modern and efficient means of cyber protection. While businesses (and entire governments) are taking additional steps into top-tier cybersecurity landscapes, many unfortunately still aren’t. And considering the global cybersecurity market has a forecasted value of $657 billion by 2030, it’s not as though this isn’t worth execs’ time and attention, for their businesses and for themselves.
Another element – something not as commonly understood – is cyber insurance. This, to put it simply, often complicates people to the point where they don’t invest in it.
Heading into 2024, that’s a big issue.
Enter the cybersecurity and insurance platform Upfort. Upfort unifies its many security offerings and robust cyber insurance expertise to deliver comprehensive plans that thwart attacks in this age of rising cybercrimes.
And last week, Upfort announced that it officially raised $8 million in a Series A funding round led by SYN Ventures, with participation from Eniac Ventures and Fika Ventures (which co-led Upfort’s seed round).
“Upfort equips organizations with the tools they need to protect themselves against the threat of cyberattacks, to prevent losses, and to analyze risks intelligently,” said Ryan Permeh, Operating Partner at SYN Ventures. “We are more than excited to spearhead the Series A funding round for Upfort, and we can’t wait to see all it does next.”
By simplifying the way brokers and insurers sell insurance and shield clients from cyber threats, Upfort empowers businesses to dramatically reduce exposure to sophisticated attacks. In fact, in a recent 18-month study, policyholders that fully implemented Upfort Shield saw significantly fewer security breaches and claims, with the likelihood of filing a claim decreasing by 80%.
Also, there’s a subtopic here that deserves attention – cyber insurance underwriting. In the past, approaching this has typically been both cumbersome and costly. But through Upfront’s proprietary offerings, the cyber insurance purchase and underwriting process is streamlined. Upfort even utilizes AI-powered email protection, as well as proven, robust network defense systems – both of which help to prevent incidents and widespread financial damage to businesses.
“Upfort was founded as a comprehensive cyber platform to safeguard businesses against evolving threats and new risks. This new investment will enable us to build on these efforts as we continue our mission of accelerating the world’s journey toward cyber resilience,” said Xing Xin, Upfort CEO and co-founder. “We are grateful for the ongoing support of all of our investors, including SYN Ventures, as we fundamentally transform the economics of cyber risk. This announcement is a testament to their trust and support of our work to bolster cyber resilience for companies worldwide.”
Edited by
Alex Passett
