Israeli cyber insurance company At-Bay has announced a $13 million Series A financing round co-led by Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed, and Shlomo Kramer. This brings the company’s total funding to $19 million. Shlomo Kramer, former founder of Check Point and Imperva, as well as CEO of Cato Networks, will join the board.
The new funds will allow At-Bay to accelerate development of its proactive cyber security monitoring service and roll out its insurance products. Founded in 2016 by CEO Rotem Iram, the company has offices in Tel Aviv and Mountain View, California.
Iram said, “Insurance has a key role to play in managing cyber risk, which requires a shift from traditional snapshot underwriting to a year-round risk management partnership. Leveraging the deep security expertise of our team, we deliver risk insights and control services to our customers throughout the year."
"Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk. At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers which unlocks superior pricing and coverage options for them," said Keith Rabois, general investment partner at Khosla Ventures.
Cyber risk is always evolving and is at odds with the traditional insurance model. The At-Bay cyber security research and modelling approach predicts future risks based on emerging threats. Scans for new vulnerabilities enable At-Bay’s customers to close security holes quickly and avoid loss. At-Bay partners with sophisticated brokers to deliver security and financial exposure insights to their customers and design a proactive, comprehensive risk management program.
At-Bay’s policies are backed by the Hartford Steam Boiler Inspection and Insurance Company (HSB), a part of insurance giant Munich Re.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018