Venture capital firms continue to invest in the cyber insurance market, which is rapidly evolving into an ecosystem of brokers working with cybersecurity software vendors. Take a closer look, and there are signs that MSPs and MSSPs are gaining improved workflows that could simplify the cyber insurance application and approval process.The latest example moves involve separate developments from Coalition and Apollo Brokers; plus a partnership involving ControlCase, ConnectWise and FifthWall Solutions.Most recently, cyber insurance provider Coalition has raised $250 million in Series F funding from Allianz X, Valor Equity Partners and Kinetic Partners, among other backers. Key business milestones, according to Coalition, include: Still, Coalition did not disclose actual revenue figures or profit figures.
- Serving more than 160,000 customers;
- exceeding $775 million in run rate GWP (gross written premium); and
- nearly 200% revenue growth over the prior year.
Cyber Insurance and Cybersecurity Software Marketplace
Meanwhile, Apollo -- a wholesale cyber insurance broker -- has launched a Cyber Marketplace for its insured customers. The marketplace includes such partner solutions as:- CyberArk for Privileged Access Management (PAM);
- CyberCube for cyber risk analysis;
- Trusona for password management and endpoint protection;
- Tenax Solutions for Vulnerability Remediation and Support, Security Configuration Reviews, Social Engineering Protection, and 24x7 MDR solutions;
- Tetra Defense for cybersecurity incident response;
- Security Scorecard for risk assessment; and
- Strata for consistent identity and access policies.