A leading US logistics company has substantial client contracts that mandate cyber insurance, in order to protect sensitive data and mission-critical timelines. As the cyber market has tightened, however, the firm’s broker anticipated a much tougher time renewing its coverage at optimal levels and cost.
Like many other community organizations, a Colorado-based nonprofit relies on federal contracts for a large portion of its annual funding. The staff focuses on serving people with disabilities and other barriers to employment — not cybersecurity. When two data breaches happened in a single year, there was no central IT leader to take control of the situation. The nonprofit’s cyber insurance was at risk and, without it, vital federal funding could be lost.
A serious cyber event was the last thing a digitally driven manufacturer needed. Especially when that event causes a shutdown at two different plants. Operations were effectively restored, but the conditions that allowed the breach still existed. With large contracts requiring cyber insurance to help ensure Just-in-Time delivery, the firm now faced another looming threat — the very-real possibility of losing coverage and jeopardizing those big contracts.
With ransomware attacks hitting manufacturers left and right, cyber insurance has never been more urgent. One global firm grappled with three big roadblocks to finally getting coverage — internal resistance to the traditional pre-underwriting process, fear of unaffordable premiums and a historically tight cyber market.
RDRS brings together executives, brokers, carriers and other business leaders to learn about and discuss ways to foster a more resilient, collaborative approach to digital risk and cybersecurity. The first event was held on October 12, 2022 at Insight Enterprises in Phoenix, Arizona and hosted by SecondSight Founder and CEO Reuben Vandeventer.
SecondSight Raises Financing, Launches Insurance Industry’s First AI-Driven Platform for ‘Inside Out’ Underwriting
SecondSight (www.secondsight.ai) today came out of stealth with the launch of the insurance industry’s first AI-driven platform for ‘inside-out’ underwriting and an oversubscribed $3 million seed round of financing led by Tim Crown (co-founder of Insight Enterprises)
“SecondSight recognizes that cybersecurity and true digital risk are really about assets and liabilities,” said Vandeventer. “Digital risk is only meaningful and actionable for business stakeholders when it’s connected to the bottom line.”
Bloomington-based startup SecondSight has secured a more than $3 million seed round of funding to advance the company’s AI platform to help businesses who get hit by ransomware attacks.
A proprietary solution platform offers USI clients prioritized access to a network of industry-leading cyber risk management providers at discounted pricing
This new platform gives INSUREtrust’s exclusive group of agents and brokers access to a multitude of specialty risk management and analytics tools designed to help navigate the cyber market while supporting both their current and prospective clients.