Cyber Insurance: More Venture Capital Funding Despite Some Concerns
The company will use the funding to accelerate its middle market expansion and grow internationally, Resilience indicated.
Conventional wisdom says all MSPs and MSSPs need cyber insurance, according to CompTIA, a trade organization in the IT channel. But there are some concerns about a potential cyber insurance market bubble, according to a recent SC Media report. Dig a little deeper, and Lloyds of London, the carrier holding nearly a fifth of the cyber insurance market, discouraged its syndicate from taking cyber business in 2022, SC Media noted — while quoting a Reuters report.
Cyber Insurance: Latest Funding Round
Nevertheless, some venture capital firms and technology entrepreneurs continue to fund various cyber insurance startups that often blend insurance with cybersecurity technologies.
For instance, Resilience’s Insure + Secure emphasizes bridging the gap between cyber insurance and cybersecurity. It involves the delivery of a cyber policy that encompasses all aspects of the cyberattack lifecycle.
The cyber policy follows the progression of an organization’s needs after a cyberattack, Resilience noted. It is backed by cyber security experts, claims and underwriting to ensure an organization is properly insured and secured.
Furthermore, the cyber policy provides an organization with steps it can use to protect against and prepare for cyberattacks, Resilience stated. It also offers pre-breach, hardening and claims services.
Various Cyber Insurance Funding and MSP/MSSP Partner Programs
Resilience’s Series C funding comes after cyber insurance company Coalition in September 2021 raised $205 million in Series E financing. Coalition is using the financing to scale its operations, expand into new insurance lines and find new ways to help organizations guard against cyber risks, the company stated.
Meanwhile, Cowbell and DataStream in 2021 have launched cyber insurance partner programs for MSSPs and MSPs. The increasing demand for cyber insurance services globally could lead to new MSSP and MSP partner programs as well.
Additional insights from Joe Panettieri.