SecondSight Raises Financing, Launches Insurance Industry’s First AI-Driven Platform for ‘Inside Out’ Underwriting
- First AI-driven platform that brings telematics to digital risk
- Enabling true digital risk to be discovered and quantified in ways not possible before
- Enabling continuous digital risk intelligence and making being uninsurable for cyber a thing of the past
BLOOMINGTON, Ind., October 12, 2022 — 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) with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors. A more comprehensive solution for current market needs, SecondSight is the first AI-driven platform that brings telematics to digital risk. With a rapidly growing customer roster, SecondSight expects the new funding to accelerate market adoption and impact to the cyber insurance industry.
In a world where ransomware attacks surpass $7.5 billion annually and new cyberattacks occur every 39 seconds, businesses today are constantly vulnerable to unseen threats. As the digital risk grows, so does complexity, making it harder to obtain cyber insurance to hedge against those risks, with a majority of businesses in North America either uninsured or underinsured against skyrocketing growth of ransomware attacks and other cyber threats. More than 80% of cyber insurance applications today are denied, standards for underwriting are becoming more stringent, and there’s an increased need to accurately measure the true digital risk and severity that lives within an organization.
“The cyber insurance gap is growing and the underwriting process for cyber insurance is getting increasingly more technical and time-consuming as requirements for getting coverage increase in complexity,” said Reuben Vandeventer, CEO and founder of SecondSight. “SecondSight was created to help businesses make sense of their digital assets — and find the true digital risk and value in them. Before SecondSight, the marketplace has had a million different viewpoints on cybersecurity and digital risk. SecondSight recognizes that cybersecurity and true digital risk are really about assets and liabilities. Digital risk is only meaningful and actionable for business stakeholders when it’s connected to the bottom line. We founded SecondSight to offer a fundamentally different approach to underwriting that connects the entire digital risk ecosystem while offering a powerful autonomous system.”
With SecondSight’s platform for ‘inside-out’ underwriting, businesses and cyber insurance providers can for the first time see the true digital risk with complete clarity, enabling cyber insurance providers to be able to quantify risk severity based on the digital assets and liabilities of an organization. SecondSight’s platform autonomously discovers, classifies and analyzes an organization’s entire landscape of digital assets, the unique risk profile for each digital asset across thousands of different risk factors, and the real business costs that would be incurred if a digital asset was compromised.
SecondSight goes both broader and deeper than external risk control audits to inventory and classify all digital assets, analyze thousands of facets of risk, and calculate dollarized impact. Within a matter of days, businesses can have a high-resolution view of its digital assets and liabilities — and an accurate picture of how much risk exists and exactly where it lives. What traditionally takes the industry weeks to compile takes SecondSight a matter of days — well above the industry average rate.
“At a time when cyber losses are growing at 50 percent per year but less than one percent of the global cyber losses are insured, SecondSight has built an industry-first solution that is poised to transform digital risk management and cyber insurance for the entire digital risk ecosystem in ways that have not been possible before,” added Vandeventer. “From businesses to cyber insurance providers, SecondSight enables a 360 degree picture of digital assets and unprecedented visibility into true digital risk.”
SecondSight is re-imagining how digital risk is discovered, quantified, hedged and insured with the industry’s first AI-driven platform for digital risk management and cyber underwriting that enables unprecedented, “always-on” views into the true digital risk that lives in a business. Helmed by a seasoned leadership team with deep experience in data science, insurance and asset management backgrounds from Allstate, Bridgewater Associates, Cloudera and Informatica, SecondSight has developed the insurance industry’s first AI-driven platform for “inside out” underwriting. SecondSight connects the entire digital risk ecosystem — creating shared understanding around True Digital Risk and a common ground for better collaboration between businesses, carriers, brokers, and the entire digital risk ecosystem.