Cyber Risk Management SaaS and Cyber Insurance Offerings Backed by Strategic Investment
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 sensitive data. As such, they are a popular target for hackers and cybercrimes 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 SMB’s 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 provides 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.”