Zeguro, a pioneer in cyber risk management for small and medium-sized enterprises, closed $5 million in funding from a prominent group of investors to launch its Cyber Safety Platform to help companies assess and mitigate their cyber risks.
The round was led by Mosaik Partners, joined by Healthy Ventures, Munich Re/HSB Ventures, QBE Ventures, Social Capital, Plug and Play, and Sparkland Capital.
Small and midsize enterprises with revenues under $100 million, like law firms, retailers and medical practices, maintain a lot of sensitive data. As such, they are a popular target for hackers and cyber crimes like phishing, ransomware and crypto-mining. Many of these businesses fail as a result of the cost of remediation.
Sidd Gavirneni, CEO of Zeguro, comments on the investment, “The risk of cyber threats continues to grow with small and midsize companies as prime targets. With this round of funding, we will launch our SaaS platform that helps these companies continually monitor their risks, train employees, and quickly recover from cyber attacks.
Our platform also empowers SMBs with turnkey – and critical — answers to the ‘so what?’ once potential vulnerabilities have been identified. These come in the form of relevant preventative services and ability to buy cyber insurance that are finely tailored to their risk profile, industry, and business size.”
Miles Kilburn, Managing Partner at Mosaik Partners, adds, “We could not be more excited to partner with Sidd and his team at Zeguro. Their virtual cybersecurity officer provides the missing link for small and midsize companies to confidently and efficiently analyze, secure and insure against ever changing cyber risks.”
Partnering with HSB, a Munich Re company, and QBE provide further validation that this is a transformative endeavor.
“Loss prevention has always been a core element of HSB’s business model,” said Stephanie Watkins, senior vice president, HSB. “That’s why we were attracted to Zeguro’s approach of using technology and risk assessments to help businesses defend against cyber-attacks and breaches.”
The market opportunity for Zeguro’s platform reaches to international markets as well.
David McMillan, Group Chief Operating Officer, QBE Insurance Group, adds “We look forward to leveraging this cutting-edge technology platform globally to help small and medium sized businesses automate their cybersecurity processes, detect and manage existing cyber risks and ultimately reduce their overall cyber risk exposure. Zeguro will allow us to deliver a tailored insurance solution to these customers who are increasingly being targeted by cyber attacks.”
Zeguro’s Cyber Safety Platform will be available in general release on November 5, 2018 at Zeguro.com. Zeguro is licensed to sell insurance in all 50 states. Availability can be checked at zeguro.com/protect-me.
Zeguro reduces and insures the threat from cyber security for small and medium enterprises. Their Cyber Safety Platform continuously monitors for cyber risks, delivers best practices to reduce exposure, and offers tailored insurance against the damage caused by cyber attacks. The seed-stage company was founded by two cyber security experts and is based in San Francisco with additional operations in the UK. Visit Zeguro at www.zeguro.com
About HartfordSteam Boiler
Hartford Steam Boiler (HSB), part of MunichRe, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150 year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com.
QBE Insurance Group Limited is listed on the Australian Securities Exchange, is one of the top 20 global insurance and reinsurance companies as measured by net earned premium and has operations in 36 countries. Visit www.QBE.com to learn more.